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Old 01-07-07, 06:35 AM   #1
trmcgeehan
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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.
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Old 01-07-07, 07:06 AM   #2
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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!!!
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Old 01-07-07, 07:10 AM   #3
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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
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Old 01-07-07, 10:19 AM   #4
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If this was a 20-40 year forum, we'd have to talk,

But I applaud you TR Good thinking!!!!!
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Old 01-07-07, 10:26 AM   #5
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A re-affirming thing to do, like staring Age in the face and sticking out your tongue.
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Old 01-07-07, 11:54 AM   #6
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Good move.

For us, tomorrow is now.
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Old 01-07-07, 11:59 AM   #7
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Only one problem-Wheres the pics?
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Old 01-07-07, 01:37 PM   #8
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Here's a picture of IRA
Attached Images
File Type: jpg Ira old.jpg (22.1 KB, 14 views)
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Old 01-07-07, 03:10 PM   #9
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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.
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Old 01-07-07, 03:16 PM   #10
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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.
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Old 01-07-07, 08:54 PM   #11
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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!!
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Old 01-07-07, 09:07 PM   #12
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Why wait til you get older?!
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Old 01-07-07, 09:14 PM   #13
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Originally Posted by Mojo Slim
Here's a picture of IRA
That looks like Mitch Miller.
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Old 01-07-07, 09:15 PM   #14
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Happy biking!
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Old 01-08-07, 06:45 AM   #15
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Pictures! We need pictures!
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Old 01-08-07, 04:15 PM   #16
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That looks like Mitch Miller.
Remembering Mitch Miller is a sure sign of being over 50.
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Old 01-12-07, 04:11 PM   #17
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You didn't pay a 10% early withdrawal penality to do this?
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Old 01-12-07, 04:29 PM   #18
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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.
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Old 01-12-07, 04:30 PM   #19
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"Remembering Mitch Miller is a sure sign of being over 50."

Guilty as charged!
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Old 01-12-07, 04:32 PM   #20
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I bought a Fugi hybrid/commuter bike two years ago, and love it. Good investment.
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Old 01-12-07, 04:36 PM   #21
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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.
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Old 01-13-07, 11:24 AM   #22
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You didn't pay a 10% early withdrawal penality to do this?
No penalty after age 59.5.
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Old 01-13-07, 11:36 PM   #23
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No penalty after age 59.5.
Sorry I missed that in the OP.
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