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8jann8

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should we withdraw cash from our retirement account to buy a house
My husband and I sold our house and want to move to Florida. We have $200K in cash from the sale. A comparable home in Florida costs $400K. My husband is retired and draws $36K in benefits from social security and veterans disability. I work part time and make about $35K a year. We have $1.2 million in a retirement account from which we withdraw $2K a month. We have credit scored in the low 800s. Should we take out a loan for the $200K to purchase a new house and have a mortgage or should we withdraw the money from our retirement account? We have no heirs.

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Keep in mind, if you have a mortgage loan and file long form on your taxes, you can deduct the mortgage interest.   I hesitate to advise you because there is so much more involved with finances. You might benefit from speaking to a good financial advisor.

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