My mom is 63. My dad died 2 years ago and since then I’ve helped her sell her high upkeep house and downsized to something smaller, while paying off all mortgages. So shes debt free and clear with a home thats sustainable with her social security and pensions.
My issue is, before she moved in we had work done on the new house. The whole house was completely gutted, and we spent close to $120,000 on everything. I didn’t originally intend for it to cost that much, maybe only half that amount, in my naivety. So I took the funds from my dad’s IRA which was willed to her, which had about $650,000 in it.
Did I do the right thing by tapping into that? I mean I see so many people on this subreddit and elsewhere so reluctant to touch IRA money, but honestly when would it be a good time? Personally I feel that saving money is all well and good, but instead of say taking out a loan for the renovations, I can pay it outright and give her peace of mind with bills. What is your opinion, good or bad?
Submitted October 21, 2017 at 11:12AM by The_Naked_Gun http://ift.tt/2gY6pei
