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Non-Cattle Specific Topics
Coffee Shop
Buy land or fund an IRA?
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<blockquote data-quote="SteppedInIt" data-source="post: 1334721" data-attributes="member: 20331"><p>+1. Also, I am not sure about an IRA, but my 401K will not just LET you take out YOUR money. They will LET you borrow YOUR money and pay it back with interest. Also, for tax purposes, you will have to pay huge fees and income taxes on it unless you have massive medical expenses. So, I wouldn't use a 401K with expectations of using that money to buy land before you retire.</p><p></p><p>Its good you are thinking about this kind of stuff at your age. The earlier the better.</p></blockquote><p></p>
[QUOTE="SteppedInIt, post: 1334721, member: 20331"] +1. Also, I am not sure about an IRA, but my 401K will not just LET you take out YOUR money. They will LET you borrow YOUR money and pay it back with interest. Also, for tax purposes, you will have to pay huge fees and income taxes on it unless you have massive medical expenses. So, I wouldn't use a 401K with expectations of using that money to buy land before you retire. Its good you are thinking about this kind of stuff at your age. The earlier the better. [/QUOTE]
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