Date posted: May 1, 2008
I am 65 years old. Can I use the money in my IRA to make my monthly mortgage payments?
I am 65 years old. Can I use the money in my IRA to make my monthly mortgage payments?
— Submitted by Betty
Yes, but you're going to be taxed on any withdrawals from the IRA (assuming that the account was funded entirely with tax-deductible contributions). Because you're over age 59½, there's no penalty for taking these withdrawals. Of course, it's probably a good idea to use other money to make mortgage payments and allow the IRA funds to continue to grow on a tax-deferred basis. However, if you're strapped for cash, then using the IRA can be a good safety net for you.
