My husband and I have saved for our retirement and are over age 60. We would like to buy a home for our retirement with funds from our 401k but we will get taxed and penalized nearly half our money to do so. We feel buying a property that gains equity and eventually would deliver capital gains tax would be an added benefit for government to double tax our savings and wouldn’t benefit our family, especially after estate taxes are charged as well when we die. We feel it punishes those of us who have saved and don’t want to rely only on social security benefits during retirement years.
Please consider a policy that allows for folks over age 60 to buy and invest in their retirement homes by having the ability to roll over their 401k savings into real estate. Thank you for consideration.