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Planning to Buy Foreclosed Nevada Home for Retirement. – Danel

Written by Consumer

Husband is retiring next year. Plan to buy a foreclosed house in Nevada for retirement.

My husband got meager amount of money saved at Tiaacref. He wanted to take out $80,000 from that retirement fund, give daughter $30,000 to buy her own house and use $50,000 to put down or buy a foreclosed house in Nevada. My question is: Can he get that $80,000 without paying too much for taxes? He is 74. Will tiaacref allow him to do that? He will still have some money left from tiaacref to get his monthly pension. Please advice. Thanks.

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