Taxes on IRA withdrawl question [View all]
I don't know if this is the right place to ask this question. I'm not an avid investor and don't follow the markets much or anything. I'm just trying to survive the best I can during retirement and could use some advice...
My big burning financial question right now is: Is there a way I can use some of my IRA money to pay off my mortgage without getting bumped into a higher tax bracket? I'm at the 14% rate now but the next step up is 22%! Quite a jump. I'm retired so I'd have no withdrawal penalties for using the money and I don't mind paying taxes on that money since it was a 401K rollover that wasn't taxed when deposited, but I DO mind getting bumped into a higher tax bracket if I use it. I have more than enough to pay off my mortgage and really wish I could use some of it to do that. All I can think of is to withdraw a little bit each year to pay on the mortgage, but keep it just under the amount that would bump me up to 22%. But that's going to take years. is there any other way? I'd love to get rid of my mortgage ASAP. Thanks in advance.
= new reply since forum marked as read