Advertise on Bikeforums.net



User Tag List

Results 1 to 23 of 23
  1. #1
    Senior Member trmcgeehan's Avatar
    Join Date
    Oct 2002
    Location
    Somerset, KY -- near Lake Cumberland
    My Bikes
    1980 Univega; 1985 Ross; 1994 Trek 1400 -- all road bikes
    Posts
    757
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)

    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.
    "I am a true laborer. I earn that I eat, get that I wear, owe no man hate, envy no man's happiness, glad of other men's good, content with my harm." As You Like It, Act 3, Scene 2. Shakespeare.
    "Deep down, I'm pretty superficial." Ava Gardner.

  2. #2
    Let's do a Century jppe's Avatar
    Join Date
    Oct 2004
    Location
    North Carolina
    My Bikes
    Pinarello Prince/Campy SR; Cervelo R3/Sram Red; Trek 5900/Duraace, Cervelo P2C/Duraace
    Posts
    6,034
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    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!!!

  3. #3
    Time for a change. stapfam's Avatar
    Join Date
    Jan 2004
    Location
    6 miles inland from the coast of Sussex, in the South East of England
    My Bikes
    Dale MT2000. Bianchi FS920 Kona Explosif. Giant TCR C. Boreas Ignis. Pinarello Fp Uno.
    Posts
    19,915
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    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
    How long was I in the army? Five foot seven.


    Spike Milligan

  4. #4
    Senior Member Red Baron's Avatar
    Join Date
    Aug 2003
    Location
    On a Road in Central Bluegrass KY
    My Bikes
    Not enough
    Posts
    1,249
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    If this was a 20-40 year forum, we'd have to talk,

    But I applaud you TR Good thinking!!!!!
    **Fate is a fickle thing, and in the end the true measure of a person is not fate itself, but how they master it**

  5. #5
    Senior Member CrossChain's Avatar
    Join Date
    Jun 2006
    Posts
    2,024
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    A re-affirming thing to do, like staring Age in the face and sticking out your tongue.
    Riding and aging don't get easier, you just get slower at slowing down.] (FiftyPlus observation inspired by G. Lemond.)

  6. #6
    Senior Member
    Join Date
    Dec 2001
    Posts
    4,866
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Good move.

    For us, tomorrow is now.

  7. #7
    Time for a change. stapfam's Avatar
    Join Date
    Jan 2004
    Location
    6 miles inland from the coast of Sussex, in the South East of England
    My Bikes
    Dale MT2000. Bianchi FS920 Kona Explosif. Giant TCR C. Boreas Ignis. Pinarello Fp Uno.
    Posts
    19,915
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Only one problem-Wheres the pics?
    How long was I in the army? Five foot seven.


    Spike Milligan

  8. #8
    Lincoln, CA Mojo Slim's Avatar
    Join Date
    Sep 2004
    Location
    Lincoln, CA
    My Bikes
    94 Giant ATX 760, 2001 Biachi Eros, 2005 Giant OCR2 Composite +
    Posts
    2,229
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Here's a picture of IRA
    Attached Images Attached Images
    Truth is stranger than reality.
    '96 Giant ATX 760 MTB
    '01 Bianchi Eros
    '05 Giant OCR Llimited Carbon Fiber + upgrades

  9. #9
    His Brain is Gone! Tom Bombadil's Avatar
    Join Date
    Sep 2006
    Location
    Paoli, Wisconsin
    My Bikes
    RANS Stratus, Bridgestone CB-1, Trek 7600, Sun EZ-Rider AX, Fuji Absolute 1.0, Cayne Rambler 3
    Posts
    9,980
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    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.

  10. #10
    Senior Member
    Join Date
    Apr 2006
    Location
    Vero Beach FL
    Posts
    1,103
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by stapfam
    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.

  11. #11
    Senior Curmudgeon Halfast's Avatar
    Join Date
    Jun 2006
    Location
    Tejas
    My Bikes
    Miyata, Fuji
    Posts
    367
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by trmcgeehan
    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!!
    "The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane."

  12. #12
    Senior Member zonatandem's Avatar
    Join Date
    Dec 2003
    Location
    Tucson, AZ
    My Bikes
    ariZona carbon fiber tandem & single
    Posts
    9,975
    Mentioned
    1 Post(s)
    Tagged
    0 Thread(s)
    Why wait til you get older?!

  13. #13
    Senior Member
    Join Date
    Dec 2004
    My Bikes
    Electra Townie 7D
    Posts
    3,398
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by Mojo Slim
    Here's a picture of IRA
    That looks like Mitch Miller.

  14. #14
    Senior Member
    Join Date
    Dec 2004
    My Bikes
    Electra Townie 7D
    Posts
    3,398
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Happy biking!

  15. #15
    Do I use too many commas?
    Join Date
    Aug 2006
    Location
    Central New York
    My Bikes
    Giant Yukon SE
    Posts
    621
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Pictures! We need pictures!

  16. #16
    His Brain is Gone! Tom Bombadil's Avatar
    Join Date
    Sep 2006
    Location
    Paoli, Wisconsin
    My Bikes
    RANS Stratus, Bridgestone CB-1, Trek 7600, Sun EZ-Rider AX, Fuji Absolute 1.0, Cayne Rambler 3
    Posts
    9,980
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by scottogo
    That looks like Mitch Miller.
    Remembering Mitch Miller is a sure sign of being over 50.

  17. #17
    Senior Member
    Join Date
    May 2005
    Posts
    6,901
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    You didn't pay a 10% early withdrawal penality to do this?

  18. #18
    chicharron
    Guest
    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.

  19. #19
    chicharron
    Guest
    "Remembering Mitch Miller is a sure sign of being over 50."

    Guilty as charged!

  20. #20
    chicharron
    Guest
    I bought a Fugi hybrid/commuter bike two years ago, and love it. Good investment.

  21. #21
    Senior Member Terrierman's Avatar
    Join Date
    Oct 2006
    Location
    SWMO
    Posts
    3,138
    Mentioned
    3 Post(s)
    Tagged
    0 Thread(s)
    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.
    It's all downhill from here. Except the parts that are uphill.

  22. #22
    Senior Member Garfield Cat's Avatar
    Join Date
    Oct 2004
    Location
    Huntington Beach, CA
    My Bikes
    Cervelo Prodigy
    Posts
    5,060
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by oilman_15106
    You didn't pay a 10% early withdrawal penality to do this?
    No penalty after age 59.5.

  23. #23
    Senior Member
    Join Date
    May 2005
    Posts
    6,901
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by Garfield Cat
    No penalty after age 59.5.
    Sorry I missed that in the OP.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •