USE 401k to pay for new RV outright, or finance and use it to make monthly payments?
Thread created 08-21-2023 by karrun
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Look at it this way if you husband loses his job that could be a good time to do a withdrawal from your 401k as your income for the year will be less.
USE 401k to pay for new RV outright, or finance and use it to make monthly payments?
Thread created 08-21-2023 by karrun
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11 Replies
2,717 Views
Just telling it like it is. Buying something that is only $30k and you're worried about your husband losing his job means you can't afford it. Also at you and you're husbands age you should have...
USE 401k to pay for new RV outright, or finance and use it to make monthly payments?
Thread created 08-21-2023 by karrun
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11 Replies
2,717 Views
That's some good advice. I was able to put the deposit on a credit card, but it was only $500. The rest is cashier's check.
My credit is already near perfect (close to 850). so don't really need...
USE 401k to pay for new RV outright, or finance and use it to make monthly payments?
Thread created 08-21-2023 by karrun
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11 Replies
2,717 Views
Thank you
USE 401k to pay for new RV outright, or finance and use it to make monthly payments?
Thread created 08-21-2023 by karrun
0 Score
11 Replies
2,717 Views
You just don't get it. Its always advisable to have liquid assets available in case you lose your job. It doesn't mean its going to happen, its just good sense.
I know what I can and can't afford. I...
USE 401k to pay for new RV outright, or finance and use it to make monthly payments?
Thread created 08-21-2023 by karrun
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11 Replies
2,717 Views
Sorry to burst your bubble. If you are worried about your husband losing his job over a small amount like $30k, then you simply can't afford it. Simple as that. Don't live beyond your means.
USE 401k to pay for new RV outright, or finance and use it to make monthly payments?
Thread created 08-21-2023 by karrun
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11 Replies
2,717 Views
As already noted, it depends on a number of variables. Add to that that you can currently get about 5.5% return state and local tax free (if applicable to where you live) on 4-6 month T-Bills which...
USE 401k to pay for new RV outright, or finance and use it to make monthly payments?
Thread created 08-21-2023 by karrun
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11 Replies
2,717 Views
Lol, that's assuming I have 30k in savings. Actually I do, but want to keep this available as liquid assets after I retire just in case my husband loses his job.
USE 401k to pay for new RV outright, or finance and use it to make monthly payments?
Thread created 08-21-2023 by karrun
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11 Replies
2,717 Views
If it's only $30k, Why not just pay it off with savings? Smart money is to let the 401k grow tax free until you are required to take rmd. That's how millionaires are made.
USE 401k to pay for new RV outright, or finance and use it to make monthly payments?
Thread created 08-21-2023 by karrun
0 Score
11 Replies
2,717 Views
You can run the numbers pretty easily but I am willing to bet any savings you have it taking out less money each year will be offset by the interest paid. BUT taking out the loan and paying it off...
USE 401k to pay for new RV outright, or finance and use it to make monthly payments?
Thread created 08-21-2023 by karrun
0 Score
11 Replies
2,717 Views
i don't think there is a general rule. it's going to be highly dependent on 1/2 dozen numbers.
you have to consider how the RMD impacts your taxes and how much of a premium you might pay for the...
USE 401k to pay for new RV outright, or finance and use it to make monthly payments?
Thread created 08-21-2023 by karrun
0 Score
11 Replies
2,717 Views
Trying to find out which makes more sense. I am over 59.5 so can access this 401k penalty-free. I have a smallish 401k that I always planned to use to buy a new RV. I am retiring next year so income...
