You may have a retirement account, such as an individual retirement account (IRA) or Keogh account, from which you can borrow. In general, this is a highly discouraged method of financing because of the tax implications.
Issues to Consider
Individuals ordinarily pay a 10% penalty to withdraw money before the age 59.5. There are a few exceptions, so it is important to find out the latest rules.
Call your certified public accountant or the Internal Revenue Service to determine the penalties associated with early withdrawal.
In addition to government penalties, there may be bank fees for withdrawing from your IRA or Keogh account.
You could end up without enough money for a comfortable retirement. Evaluate the life consequences of taking money out of your retirement savings.
