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As I approach retirement, I’d like to purchase a second property (for my family’s use, not rental). I’d assumed I’d fund it by withdrawing a lump sum from my IRA when I pass the 59½ age limit, however, since I’ll still be working, I realize I’d then incur a significant tax bill.
Is there a more efficient way to fund the purchase, such as taking out a mortgage and then paying it back from my IRA over a few years?
Thanks in advance for any suggestions!
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