Guidant Financial Group Blog

I have retirement funds in a TIAA-CREF account from my former employer. My trust company advisor suggested that I roll the money into an IRA; however, I need the funds to purchase some real estate and my advisor told me that I would not be able to access the money for that purpose until I reach a certain age.

How can I work this? Right now my money is doing nothing for me and a real estate investment is what I would like to do. It would also qualify as a first home purchase.

-- MG

If you roll the funds into a self-directed IRA with Guidant, you can use that money to purchase real estate as an investment. You will not be able to purchase a home that you would use, or live in, personally, however. Any investment made with IRA money must be for investment purposes only – not for your personal benefit. Self-directed IRAs give you the option of investing your retirement funds in secured assets, such as real estate, not just securities.

If you do need the funds to purchase your first home, which you would use personally, you may be able to take the funds as a distribution without penalty. If this is the route you would like to go, we highly recommend you speak with a qualified tax attorney to get all the specifics on this exemption, as not all plans qualify. You can also find more information on the IRS website.

Do you have an Ask the Expert question? Email your questions to asktheexpert@guidantfinancial.com.