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    pcarter4's Avatar
    pcarter4 Posts: 1, Reputation: 1
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    #1

    Nov 7, 2010, 07:09 AM
    401K withdrawal after age 60 to finance a business
    My wife and I want to start a business. We can finance the business without a loan by liquidating all of her IRAs and 401Ks, about $80K. This does not affect our home, my pension, and my 401Ks. We are both 60 years old. Question is, should we finance the business with a loan or with cash from her retirement accounts?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Nov 7, 2010, 08:03 AM

    I would use a loan since it can be written off as a business expense.
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