Finance

Have finance questions? Ask a financial expert online.

Ask an Expert,
Get an Answer ASAP!

I am 64 years old & plan to retire in 20018. I am a building…

Customer Question
Hello, I am 64...

Hello, I am 64 years old & plan to retire in 20018. I am a building superintendent & live in a apt for free. when I retire I must move out. I have about 350K in savings w/ no debt. I am thinking of buying a apt for 150K & they do not accept financing.Must buy in cash.Is this a wise decision? The good part would be no montage payment & between my pension & social security would have low monthly expenses.& would not need to withdraw from my IRA. I also feel I would like to keep as much cash as possible In case of a emergency. I have most of the money invested in mutual funds (stock & bonds) & would like to keep it growing.What do you think? Thank You!

Submitted: 9 months ago.Category: Finance
Show More
Show Less
Ask Your Own Finance Question
Answered in 5 minutes by:
9/8/2017
Financial Professional: Lev, Tax Preparer replied 9 months ago
Lev
Lev, Tax Preparer
Category: Finance
Satisfied Customers: 32,979
Experience: Personal Investment, Tax Preparation
Verified

Not only you will be free of mortgage payments - but also when you purchase without financing - your closing cost is lower and you may negotiate lower purchase price.

So - generally - that would be a wise move.

Ask Your Own Finance Question
Financial Professional: Lev, Tax Preparer replied 9 months ago

Regarding using cash vs taking a mortgage - we need to compare expected mortgage interest rate and expected return of capital - if your possible earning are same or less that your expected payments - that purchase will be good choice from financial prospective.

Please elaborate.

Ask Your Own Finance Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a financial professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Preparer
Category: Finance
Satisfied Customers: 32,979
32,979 Satisfied Customers
Experience: Personal Investment, Tax Preparation

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,609 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,222 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,933 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
Rental fees for my Precious Metal IRA are eating up my
Rental fees for my Precious Metal IRA are eating up my gains. Can I take it from that storage and put it in my personal bank lockbox.… read more
Alexander Efros
Alexander Efros
Masters of Business Administration (MBA)
42 satisfied customers
I need to liquidate my two mutual funds and Roth to help my
I need to liquidate my two mutual funds and Roth to help my family. I believe I will have to pay a capital gains tax on the Roth but I not sure what I will have to pay on the two mutual funds. The mut… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
What is the max contribution to a sep ira? would we
what is the max contribution to a sep ira? would we considered a business expense or be deducted from personal tax… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
47 satisfied customers
Over 50 taxpayer made the following non-deductible IRA
Over 50 taxpayer made the following non-deductible IRA contributions which were immediately converted to Roth's.Mar 2016 $6500.00 for 2015 Contribution converted to ROTH March 2016 Mar 2016 $6500.00 f… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,045 satisfied customers
I am inheriting $200,000 from my deceased father's IRA. They
I am inheriting $200,000 from my deceased father's IRA. They want to send me a lump sum but I don't understand the tax ramifications of that. The form they sent says they will withhold 10% for income … read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
Question on SEP IRA contribution A client has Sch C Income
Question on SEP IRA contributionA client has Sch C Income and also 100% owner of a scorpFor 2017 he took 40k in wages...Did a salary deferral of $18k and did employer contribution of 10k.Question is w… read more
Carter McBride
Carter McBride
LLM
1,150 satisfied customers
What is the dealine to open a ira account and how much can
what is the dealine to open a ira account and how much can you get back on your taxes for opening a ira account… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,377 satisfied customers
I am 71 years old. I have an IRA with about $40,000 in it.
I am 71 years old. I have an IRA with about $40,000 in it. This past year I took of a lump payment of $35,000 cash. Can I use the other $5000 to pay takes on it? How much are the taxes going to be? … read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
Can I move a mutual fund from a non-IRA brokerage account to
Can I move a mutual fund from a non-IRA brokerage account to an IRA brokerage account and get a tax deduction for an annual contribution to my IRA.… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,377 satisfied customers
In April of 2017 I made a 2016 Traditional IRA contribution.
In April of 2017 I made a 2016 Traditional IRA contribution. Within a few days (before tax day) I rolled it over into a Roth IRA (backdoor method) due to my income. In December of 2017 I made a 2017 T… read more
taxmanrog
taxmanrog
Master\u0027s Degree
971 satisfied customers
I have 200k in a IRA that I would like to convert to a Roth
I have 200k in a IRA that I would like to convert to a Roth IRA. I want to convert an amount over the next 10 years equivalent to my contribution amount of 6500.00. Im 50 years old and would like too … read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
I have a client that is rolling over (2) IRAs to a SIMPLE
I have a client that is rolling over (2) IRAs to a SIMPLE IRA to combine assets. Neither IRA has been rolled during the past year. In there any consequences by doing (2)?Document that states that only… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
The money in Roth IRA is post tax. When we take the money
The money in Roth IRA is post tax. When we take the money out at retirement, we don't need to pay tax. However, does the distribution from Roth IRA accounted for as your income so that affecting your … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,377 satisfied customers
Move to another IRA. I currently have Rollover IRA with one
Move to another IRA. I currently have Rollover IRA with one investment company, and want to move all my funds to another investment company, and close the account with the first investment company. I … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,377 satisfied customers
Have a Traditional IRA and Roth IRA I contribute to. The
Have a Traditional IRA and Roth IRA I contribute to. The Traditional IRA my employer matches my contribution. Question, does this mean I am covered by a retirement plan at work? I am reviewing questio… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
I have rrsp sin segregated mutual funds with Canada life
Hi I have rrsp sin segregated mutual funds with Canada life would I be better off switching these over to a bank such as RBC because of fees Brian… read more
Carter McBride
Carter McBride
LLM
1,150 satisfied customers
I had a question on moving an IRA account from a bank IRA to
I had a question on moving an IRA account from a bank IRA to a brokerage IRA. My uncle went to his local bank and let them know he wanted to move his account. They issued him a check but it's thebfina… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,263 satisfied customers
I have mutual funds that I purchased through my bank. They
I have mutual funds that I purchased through my bank. They showed me some brochures and gave "estimated" historical performance numbers (e.g. 3%, 4.5%, 7%, etc.). They also told me about the MER that … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x