Is it a good idea to cash out retirement to make down payment on house?

I have 3 retirements from previous jobs totaling around 50k. I don't plan to cash them all out, but 30k would be handy for a down payment.

Is it a good idea to cash out retirement to make down payment on house?
No. The tax on that money will be much higher than mortgage interest! Plus there are penalties AND taxes for the money cashed out. Probably taxes will be 20% of the 30K, plus a penalty of about 10%. that's $9,000 to get $30,000 and loss of the furture value is immeasurable!





Real estate isn't a good investment right now, and at the rate you will lose, it's not wise to do so. You can borrow against a 401K for a new home, but the money will be due immediately upon termination of employment by you or employer.
Reply:You cant go wrong with purchasing a home,just dont use all your retirment.
Reply:A ROTH IRA might not be a bad source for down payment funds. However traditional IRAs you want to take your withdraws when your income rate is as low as possible(retirement). Not touching the retirement funds also will mean that if you have financial hardships you will have a much bigger emergency cushion.
Reply:No, never use your retirement money to buy a house. Never jeopardize your retirement just so you can buy a house. It should be clear now that housing prices do not always go up and your house should not be looked at as an investment, it should be viewed as only a place to live. You should save money outside of your retirement for a down payment, just be patient and it will happen.
Reply:It is a lousy idea, especially now.
Reply:Touching your retirement accounts should be your last resort and for emergencies only. You may have to postpone the purchase of the house a little, but you will thank yourself when you are retirement age and you have a nice nest egg.

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