Fifty Plus (50+) - I cashed in my IRA for a new Fuji!

Financial counselors would advise against it, but I recently cashed in my SEP-IRA to buy a new Fuji touring bike. I had the IRA for many years, and only had $2,000 in it, but it never seemed to grow much. So I said the hell with it and cashed it in to buy a new Fuji for $1100. It was a wise decision, I think. The Fuji is the best bike I have ever owned. The wheelbase is 3" longer than a standard road bike, and it really does smooth out the bumps which used to jar my 68 year old frame.

One of the best uses of IRA dollars that there could be!! I'm just 4 years away from being able to cash mine without tax consequences and you have given me something to plan for!!!

The best security you can have for the future is health. Without that-You could have a problem. So if your future involves getting a bike that is going to keep you riding and healthy- Go for it. Given a choice- I know I would

If this was a 20-40 year forum, we'd have to talk,

But I applaud you TR Good thinking!!!!!

A re-affirming thing to do, like staring Age in the face and sticking out your tongue.

Good move.

For us, tomorrow is now.

Only one problem-Wheres the pics?

Here's a picture of IRA

At 68, you deserve to be able to cash out IRAs, CDs, stocks, whatever ... to live the life you want to live.

I think you made a great decision.

The best security you can have for the future is health. Without that-You could have a problem. So if your future involves getting a bike that is going to keep you riding and healthy- Go for it. Given a choice- I know I would

Agreed


Close to doing the same thing. If it weren't for my upcoming eye surgery, I'd have dumped one of mine.

Financial counselors would advise against it, but I recently cashed in my SEP-IRA to buy a new Fuji touring bike. I had the IRA for many years, and only had $2,000 in it, but it never seemed to grow much. So I said the hell with it and cashed it in to buy a new Fuji for $1100. It was a wise decision, I think. The Fuji is the best bike I have ever owned. The wheelbase is 3" longer than a standard road bike, and it really does smooth out the bumps which used to jar my 68 year old frame.

We are in the third act of a three act play. Would you rather take it with ya!!:)

Why wait til you get older?!

Here's a picture of IRA
That looks like Mitch Miller.

Happy biking!

Pictures! We need pictures!

That looks like Mitch Miller.

Remembering Mitch Miller is a sure sign of being over 50.

You didn't pay a 10% early withdrawal penality to do this?

I cashed out part of my IRA, and some CD's early as well, and I am only 50. It wasn't my original plan years ago when I started to contribute to the 401K. However, I have returned to university, and am in my last semester,and will graduate this May with my bachelors degree. I have only worked part time while in school, and have house payments, and two children to support. So, I cashed in part of the IRA's to be able to pay bills while I am in school. Not the best financially thing to do, however I am determed to graduate, and go to graduate school next fall.

"Remembering Mitch Miller is a sure sign of being over 50."

Guilty as charged!

I bought a Fugi hybrid/commuter bike two years ago, and love it. Good investment.

I'm not a financial advisor but I did sleep at a Holiday Inn once...If I was 68 and had a poor performer of a small IRA and saw a nice bike that would be a good performer I think I'd make the same move you did. Applause Applause.

You didn't pay a 10% early withdrawal penality to do this?

No penalty after age 59.5.

No penalty after age 59.5.

Sorry I missed that in the OP.