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ToothFairySpaniel | IRA Contribution? |
If one does not have available capital to contribute to a Traditional IRA(or Roth IRA) would it be wise to obtain that money from a Home Equity Loan?? |
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Feeling Mutual
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No.
Instead, increase your tax deductions, so that less tax money is taken out of your pay, and put the money into a Traditional IRA. The Traditional IRA is pre-tax money so it will be a tax deduction, so you pay less taxes.
In other words, instead of giving the money to the IRS, put it in your Traditional IRA.
You will be able to deduct 100% of the money you put into a Traditional IRA. How much you save on taxes depends on how much you make. It is not a perfect way to do it, but it is better than borrowing.
You cannot do this with a Roth IRA because it is after tax money.
FYI: I use Scotrade for my IRA, because they have no IRA fees.
I also only buy mutual funds with no loads and no transaction fees, and very low management fees.
Shop for investment securities wisely. If an an invesment makes 10% per year, and the management fee is only 1% per year, they take 11% of your gains because they management fee is on the entire amount, not just the gains.
Example:
You invest $100, and it goes up by $10, so you have $110.00
They take 1% of $110.00, which is $1.10, or 11% of $10..00. |
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STEVEN F
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If you don't have the money to contribute to the IRA, you don't have the money to make the payments on the HEL. Do you want to lose your home over a $4,000 IRA contribution? |
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ericneunzig
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There is no need to do that. Your Max contribution allowed for your IRA is $4K annually, that's $250 per month. You can do less too. There are plenty of funds out there that allow you to open an IRA with a small initial investment. Open one up and have an automatic contribution setup on a monthly basis, make it an amount you can afford. |
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uschoice808
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No! Aside from unscrupulous (stupid, greedy) lenders allowing people to buy homes that they cannot afford, Home Equity Loans (especially the adjustable types) are the best way to lose your home slowly and painfully. You are probably better off doing a Refinance/Cash-Out at a fixed rate if you really want to tap into the equity in your home. |
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ricks
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NO! If its traditional or Roth, it makes no sense. You would have to earn a return to both surpass the interest you must pay & the fees involved in obtaining the loan. And as it has been stated, if you dont have the money to contribute to the IRA, how would you pay back a loan to fund it?
You do realize that you are limited to $4000/ year ($5000 if you are over age 50)? You also dont have to put all of that in at once? Depending on where you go you can start small (like $25) & grow it with regular investments into the account. Try your bank or credit union, they have IRAs that you can open with very little to start. |
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redwine
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I don't think it would be wise, but I am fairly conservative when it comes to debt. If you think you are discipled enough to repay the loan, then there is a good arguement to do that. Since the IRA reduces your taxable income, and the home equity is tax deductible, there are positives from both actions. Ultimately, you need an investment in the IRA that pays more than the cost of the loan. But since you cannot access the IRA gains, you need to use current cashflow to support the loan. |
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Doug M
 |
If your income is going to go up in the next few years I feel it is wise to withdraw money from a home equity line of credit and put it into a Roth IRA. Five years ago I had five kids in Collage so I took money out of my line of credit to fund my Roth. Interest rates were low then, my money has more than doubled. With my kids out of school I was easily able to pay off the loan. My tax bracket was lower then as well. |
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stefa1mg
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Probably not. If you can't save the extra money to deposit into an IRA, how would get the extra money necessary to pay the loan on a monthly basis. |
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El Guapo
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No. Your first priority is to make a spending log for 1 month, and keep track of EVERY dollar that leaves your pocket, whether it's your utility bill or the pack of gum you buy at the store. Then you need to sit down (with your spouse, if applicable), make out a budget and STICK TO IT.
EVERYONE with a paycheck should be able to afford to set aside at least $50 - $100 per month to contribute to their future.
But before you start thinking about retirement, you'll want to sock away at least $2,000 - $3,000 in an emergency savings account (ESPECIALLY if you're living paycheck-to-paycheck, like it sounds).
Do you smoke? Do you buy a latte every day? Do you buy lunch or do you bring it to work? Do you go out for dinner often? Do you go out drinking with friends often? These are just some of many examples that, if you really think hard, you can adjust your lifestyle and save yourself a LOT of money (do the math - you'd be amazed at how much these little things add up).
I hope that helps. Good luck! |
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