Is It a Bad Idea to Use My 401(k) to Pay Off My Mortgage? (2024)

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e=r.searchBoxForm.querySelector("[name=fr]"),n=r.searchBoxForm.querySelector("[name=fr2]");e&&r.config.searchBox&&r.config.searchBox.params&&r.config.searchBox.params.fr&&(e.value=i.searchBox.params.fr,e.disabled=!1),n&&r.config.searchBox&&r.config.searchBox.params&&r.config.searchBox.params.fr2&&(n.value=i.searchBox.params.fr2,n.disabled=!1),r.searchBoxForm.submit()}}),1e3)},r.recognition.onspeechstart=function(){},r.recognition.onspeechend=function(){r.recognition.stop()},r.recognition.onerror=function(){r.speechText&&(r.speechText.innerText=r.i18n.t("search.voice.recognition_error")),r.hideTrending(r),r.showRetryLink(r),r.errorAudio.play()},r.recognition.onaudiostart=function(){r.speechButtonContainer&&r.speechButtonContainer.classList.add("listening")},r.recognition.onaudioend=function(){r.speechButtonContainer&&r.speechButtonContainer.classList.remove("listening")},r.recognition.onsoundstart=function(){r.hideTrending(r),r.noSpeech=!1,r.speechButtonContainer&&(r.speechButtonContainer.classList.remove("listening"),r.speechButtonContainer.classList.add("speaking"))},r.recognition.onsoundend=function(){r.speechButtonContainer&&r.speechButtonContainer.classList.remove("speaking")},r.recognition.onstart=function(){r.recognitionInit(r),r.startRecognition(r)},r.recognition.onend=function(){r.isRecognitionStart=!1,0==r.noSpeech&&""==r.speechResult&&(r.speechText&&(r.speechText.innerText=r.i18n.t("search.voice.recognition_nomatch")),r.hideTrending(r),r.showRetryLink(r),r.errorAudio.play())},document&&document.dispatchEvent&&document.dispatchEvent(new Event("VOICE_JS_READY"))}}o.I18n=m,o.prototype.renderPermissionGuide=function(e){var n='\n

    \n

    \n

    \n

    \n

    \n

    \n

    \n

    '.concat(e.i18n.t("search.voice.permission_title"),'

    \n

    ').concat(e.i18n.t("search.voice.permission_text"),"

    \n

    \n

    \n

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    \n

    \n

    \n

    \n

    \n

    \n \n \n \n \n \n \n

    \n

    \n

    \n \n \n '.concat(e.i18n.t("search.voice.recognition_retry"),'\n

    \n

    \n

    \n

    \n

    \n

    \n ').concat(e.i18n.t("search.voice.trending_title"),'\n \n

    \n

    \n

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e)&&("SpeechGrammarList"in e||"webkitSpeechGrammarList"in e)}}],d=0;d0){var n=e.speechResult.charAt(e.speechResult.length-1);"."!==n&&"?"!==n&&"。"!==n&&"?"!==n||(e.speechResult=e.speechResult.slice(0,-1))}},o.prototype.sendBeacon=function(n,t){var o=e.YAHOO.ULT||{},i=e.YAHOO.SB||{};if(o.beacon_click){var r={_S:i.config.i13n.spaceid,_I:i.config.i13n.pvid,actn:n,sec:"search",slk:t};e.YAHOO.ULT.beacon_click(r)}},o.prototype.ajaxReq=function(t,o){var i,r,a=XMLHttpRequest.DONE||4,s=new XMLHttpRequest;if(n.documentMode&&n.documentMode<10)return(new e.XDomainRequest).onload=function(){try{r=JSON.parse(i),o(r)}catch(e){return}},s.open("GET",t),void s.send();s.onreadystatechange=function(){if(s.readyState===a)if(200===s.status){i=s.responseText;try{r=JSON.parse(i),o(r)}catch(e){return}}else o(r)},s.open("GET",t,!0),s.timeout=1e4,s.send()},e.YAHOO||(e.YAHOO={}),e.YAHOO.Util||(e.YAHOO.Util={}),e.YAHOO.Util.VoiceSearch=o}(window,document)}();var Wn={containerClass:Un.tooltip,textClass:Un.tooltip__text,showClass:Un["tooltip--show"]},Jn=["zh-hant-tw","zh-hant-hk"];ye("ybar-mod-searchbox",(function(e){var n={ybar:document.getElementById("ybar"),searchInput:document.getElementById("ybar-sbq"),buttonBar:document.querySelector(".".concat(Un["sa-btn-bar"])),voiceSearchBtn:document.getElementById("ybar-sbq-voice"),searchForm:document.getElementById("ybar-sf"),searchBoxIcon:document.querySelector(".".concat(Un["searchbox-icon-uh3"])),searchBoxPlaceholder:document.getElementById("ybar-smartphone-searchbox-placeholder"),searchBoxBackButton:document.getElementById("ybar-search-back-btn"),shopsButtonsWrap:document.querySelector(".".concat(Un["shops-buttons"])),categorySelect:document.getElementById("shops-category-select"),selectedMerchantInput:document.getElementById("selected-merchant-input"),selectedMerchantClearButton:document.querySelector(".".concat(Un["selected-merchant-clear-button"])),submitSearchBtn:document.getElementById("ybar-search"),clearSearchBtn:document.getElementById("ybar-sbq-x")};!function(e,n){var t,o,i,r=e.getConfig();if(n.ybar&&"desktop"===r.device&&(null===(t=r.bucketConfig)||void 0===t?void 0:t.highlight_searchassist)&&(null===(o=r.bucketConfig)||void 0===o?void 0:o.overlay_class)){n.ybar.setAttribute("data-ovrly-bkt",r.bucketConfig.overlay_class),null===(i=n.searchForm)||void 0===i||i.classList.add(Un[r.bucketConfig.overlay_class]);var a=document.createElement("div");a.classList.add(Un.overlay,Un[r.bucketConfig.overlay_class]),document.body.appendChild(a),e.onDestroy((function(){document.body.removeChild(a)})),e.addElementListener(n.searchForm,"focusout",(function(e){if(n.searchForm&&n.searchInput){var t=e.relatedTarget;t&&!n.searchForm.contains(t)&&window.YAHOO.SA&&window.YAHOO.SA.apps&&window.YAHOO.SA.apps[0]&&window.YAHOO.SA.apps[0].view.shown&&window.YAHOO.SA.apps[0].view.hide()}}))}}(e,n),Fn(e,n),n.voiceSearchBtn&&function(e,n){var t=e.getConfig(),o=t.locale,i=function(){var e,t;(null===(t=null===(e=window.YAHOO)||void 0===e?void 0:e.Util)||void 0===t?void 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    Is It a Bad Idea to Use My 401(k) to Pay Off My Mortgage? (2024)

    FAQs

    Is It a Bad Idea to Use My 401(k) to Pay Off My Mortgage? ›

    Reduced Retirement Assets: Paying off your mortgage with your 401(k) can significantly eat into your retirement assets, especially if you have a large balance left to pay. For instance, if you're paying off a $200,000 mortgage and you have $1,000,000 in retirement savings, that's 20% of your retirement.

    Is it worth withdrawing from a 401K to pay off a mortgage? ›

    Key Takeaways. Paying down a mortgage with funds from your 401(k) can reduce your monthly expenses as retirement approaches. A paydown can also allow you to stop paying interest on the mortgage, especially if it's fairly early in the term of your mortgage.

    Can I use my 401K to pay off my house without penalty? ›

    If you're under the age of 59.5, you'll face an extra 10% penalty for withdrawing from your 401(k) early. That's a huge blow that makes paying down your mortgage not worth it. That means if you take out $50,000 to pay down the mortgage, you'll automatically be penalized $5,000.

    Is it a good idea to pull money from a 401K for a house? ›

    Typically, when you withdraw funds from a 401(k) before age 59½, you incur a 10% penalty. This rule also applies if you withdrawn funds from your 401(k) for the purpose of buying a house. Therefore, a 401(k) withdrawal for a home purchase may not be best for some buyers.

    Should I pay off my mortgage with my retirement account? ›

    Paying off your mortgage may make sense if: You have substantial retirement savings, especially if the funds you'd be withdrawing are in a taxable account and are not earning much interest. You're downsizing.

    At what age is 401K withdrawal tax free? ›

    The IRS allows penalty-free withdrawals from retirement accounts after age 59½ and requires withdrawals after age 72. (These are called required minimum distributions, or RMDs). There are some exceptions to these rules for 401(k) plans and other qualified plans.

    When should retirees not pay off their mortgages? ›

    Additionally, if pulling money from a tax-advantaged retirement plan such as a 401(k), 403(b), or IRA during retirement will push you into the next tax bracket, you may want to forgo paying down your mortgage and instead put the money into savings.

    How do I avoid 20% tax on my 401K withdrawal? ›

    Plan before you retire
    1. Convert to a Roth 401(k)
    2. Consider a direct rollover when you change jobs.
    3. Avoid early withdrawals.
    4. Plan a mix of retirement income.
    5. Take your RMD each year ...
    6. But make sure you only take one RMD per tax year.
    7. Keep an eye on your tax bracket.
    8. Work with a pro to minimize your 401(k) taxes.
    May 10, 2024

    Do I pay taxes on a 401K withdrawal for a home purchase? ›

    You may be able to withdraw from your 401(k) to purchase a home. However, there are several financial implications. Withdrawing from your retirement account early may incur a 10% early withdrawal penalty, and you'll be subject to income taxes.

    How much tax will I pay if I withdraw my 401K? ›

    However, an early withdrawal generally means you'll have a 10% additional tax penalty unless you meet one of the exceptions, such as an emergency withdrawal of up to $1,000, if permitted by your plan.

    At what age should your house be paid off? ›

    O'Leary's Take on Paying Down Mortgages

    To O'Leary, debt is the enemy of any financial plan — even the so-called “good debt” of a mortgage. According to him, your best chance for long-term financial success lies in getting out from under your mortgage by age 45.

    Why does Dave Ramsey say pay off a mortgage? ›

    His “more risk equals more debt approach” means that by diversifying your financial resources and not putting all your funds into home equity, you spread risk and create a more resilient financial foundation. This strategy can provide a buffer against economic downturns or housing market fluctuations.

    Is it smart to use retirement to pay off debt? ›

    Eliminating debt can bring immediate financial relief, but dipping into your 401(k) or IRA to do so can jeopardize your future financial security. While the idea of becoming debt-free might be appealing, tapping your 401(k) or IRA is generally a bad idea.

    Is it smart to withdraw from a 401K to pay off debt? ›

    Paying off debt with money from your 401(k) plan can make sense in some cases. But you'll also be reducing your retirement savings, so it's worth weighing the pros and cons, as well as considering some alternatives that may be preferable.

    Is it better to max out 401K or pay off mortgage? ›

    Is it better to put money in a 401K or pay off the mortgage? The earlier you can start saving in a 401(k), the better. A 401(k) is tax-advantaged and if you work somewhere with employer matching, that's a way to earn free money. Putting money toward your mortgage can help reduce the amount you pay in interest.

    At what age should you pay off your mortgage? ›

    To O'Leary, debt is the enemy of any financial plan — even the so-called “good debt” of a mortgage. According to him, your best chance for long-term financial success lies in getting out from under your mortgage by age 45.

    Does 401K withdrawal count as income for mortgage? ›

    The IRS and lenders allow you to withdraw from a 401(k) for a home purchase, but there are a few caveats. There are different options available to you, and each has its own potential financial implications. A 401(k) can be used for a down payment and count as income for a home loan.

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