Financing home purchase in retirement

[Anonymous]

Anonymous wrote:How do you have so much in your 401k’s??

Some companies give big matches.

[Anonymous]

Way too much money in 401k taxes as ordinary income. Should have stopped contributing past the match long ago.
Getting a mortgage is not a problem. Someone will give it to you.
You need to be your own advisor and figure out how to start lowering taxes on it all.

[Anonymous]

Way too much money in 401k taxes as ordinary income. Should have stopped contributing past the match long ago.
Getting a mortgage is not a problem. Someone will give it to you.
You need to be your own advisor and figure out how to start lowering taxes on it all.

Put it into an IRA and start converting it to a back door Roth.

[Anonymous]

I've stopped maxing my 401K in my 40s for exactly this issue. My money is going elsewhere.

That said, you should get a mortgage, and you will have no trouble getting one with your asset position, on top of other retirement benefits.

[Anonymous]

Anonymous wrote:Sell now
Rent for few years.

OP should not sell until they are closer to retirement and know where they want to live.

[Anonymous]

Anonymous wrote:I've stopped maxing my 401K in my 40s for exactly this issue. My money is going elsewhere.

That said, you should get a mortgage, and you will have no trouble getting one with your asset position, on top of other retirement benefits.

OP here. What tax bracket are you in though? We are in the 37% bracket usually plus high state income tax. We have been for probably 15 years. We also plan to start Roth conversations filling the 24% tax bracket as soon as we retire. We plan to wait to 70 for SS.

I think about stopping the 401k contributions above match now. At least I would be paying that taxes now. But honestly I don’t think it moves the needle much given that the returns in our 401ks have been far exceeding any annual contributions.

[Anonymous]

Anonymous wrote:If you have that much money You Must have a financial advisor that can help with this.

If all the money is in a 401K why would you have an advisor?

[Anonymous]

Anonymous wrote:Way too much money in 401k taxes as ordinary income. Should have stopped contributing past the match long ago.
Getting a mortgage is not a problem. Someone will give it to you.
You need to be your own advisor and figure out how to start lowering taxes on it all.

Our is just as big and we never, not even one year, contributed above the match. DH didn't even do the catch ups once qualified.

[Anonymous]

Anonymous wrote:

Way too much money in 401k taxes as ordinary income. Should have stopped contributing past the match long ago.
Getting a mortgage is not a problem. Someone will give it to you.
You need to be your own advisor and figure out how to start lowering taxes on it all.

Put it into an IRA and start converting it to a back door Roth.

The pro-rata rule makes a backdoor Roth a bad idea for many people at this income level.