using retirement funds to buy a house after retirement

In that case, using funds from your IRA will mean paying the 10% penalty fee on top of income tax. With this strategy, you will incur a 10% penalty on the amount you withdraw from a traditional 401(k) unless you meet requirements for an exemption. However, it wont advise you on how to best structure your holdings. The Right IRA for Buying Investment Property, Self-Directed IRA (SDIRA): Rules, Investments, and FAQs, Revoked Individual Retirement Account (IRA), Individual Retirement Account (IRA): What It Is, 4 Types, Understanding a Traditional IRA vs. Other Retirement Accounts, Retirement Topics - Prohibited Transactions, 401(k) Limit Increases To $22,500 for 2023, IRA Limit Rises To $6,500. We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. You cant claim deductions for property taxes, mortgage interest, depreciation, and other property-related expenses. These are an indirect form of property ownership, but they're a more straightforward, liquid propositionand they can also be held in regular IRAs. With a Roth 401(k), you make contributions with after-tax funds, then you can make withdrawals tax free, including on earnings, in retirement. These offers do not represent all deposit accounts available. $10,000 or half your vested account balance, whichever is more, Medical debt that exceeds a percentage of your, A court-ordered withdrawal to pay a former spouse or dependent, You owe the Internal Revenue Service (IRS), Income after your official withdrawal age. As you assess your finances, you may see a huge chunk of money in that retirement account you set up a few years ago. In 2022, donors can give $16,000 per donee without having to file a gift tax return or count the gift against the annual lifetime gift and estate tax exemption of $12,060,000 per person. The Mortgagee may include up to 60 percent of the value of assets, less any existing loans, from the Borrowers retirement accounts, such as IRAs, thrift savings plans, 401 (k) plan, and Keogh accounts, unless the Borrower provides conclusive evidence that a higher percentage may be withdrawn after subtracting any federal income tax and Qualified first-time homebuyers can withdraw up to $10,000 from their Roth IRA without incurring tax penalties. Also, the five-year rule is the maximum amount set by the IRS, so your plan may have a shorter timeline for repayment. Your IRA balance will have to be pretty high because getting a mortgage to purchase property inside an IRA isnt easy. Sign up for our daily newsletter for the latest financial news and trending topics. With more than 10 years in the mortgage industry, and another 10 years writing about it, Gina Freeman brings a wealth of knowledge to The Mortgage Reports as its Associate Editor. Buying an If that happens, all the funds in it immediately become taxable. But if you're considering buying a home after retirement, it's essential to know what you're getting into. The best use of 401(k) funds for a home would be to satisfy an immediate cash need, such as for an escrow account, down payment, closing costs, or whatever amount the lender requires to avoid paying for private mortgage insurance. In your retirement years, your housing costs should be no more than 25% of your annual income. If they dontor if you need more than a $50,000 loanthen you might consider an outright withdrawal from the account. Yes, you can usually borrow against your 401 (k) to buy a house. Is 65-years-old too old to buy a house? Its a great time to buy a house, thanks to low ", Office of the Law Revision Counsel, United States Code. Jim Barnash is a Certified Financial Planner with more than four decades of experience. The normal retirement age can vary, but the special contributions can begin three years before that point. While that is a lot of money, withdrawing just $10,000 from your 401(k) account could result in a $50,000 lower balance at retirement. WebEstablishing your income to qualify for a mortgage after retirement If you've retired, your income likely comes from a variety of sources including Social Security, a 401k, Roth IRA They have defined benefit pension plans that will pay them a combined $125,000 when Ed Slott, CPA, is one of the nations top experts on retirement plans. Both RMDs cannot be paid from one 401(k). Her specialty is helping consumers understand complex and intimidating topics. Should You Ever Use Retirement Funds to Buy a House? This emergency withdrawal from a retirement plan may be allowed for exceptional needs, but is often subject to tax or account penalties. There is no single best way to tap your home equity for retirement. 558 Additional Tax on Early Distributions from Retirement Plans Other Than IRAs., Internal Revenue Service. Saving and investing in your 401(k) or IRA accounts is something all financial planners advise. 2022 Retirable Inc. All rights reserved. Or consider securitized real estate options, like real estate investment trusts (REITs) or mutual funds and ETFs that invest in property. Her work has appeared on Money Under 30, The Motley Fool, MoneyGeek, E-commerce Insiders, and GoBankingRates. 4. You can click on the 'unsubscribe' link in the email at anytime. It was enacted by Congress in 1996 as a way to prohibit the disinvestment of Social Security trust funds for any purpose other than the payment of benefits, according to a recent blog by Steve Robinson, chief However, if you have a government pension or any annuity plan, its worth checking to see if you may be able to take a loan that you can repay in five years. You need to set up a self-directed IRA with a custodian. But, housing prices have skyrocketed over the past few years. 3. Work out a sales price to sell your property just as you would with any other real estate holding. Roth IRAs can be withdrawn without paying additional taxes since contributions are made after taxes anyway. Using funds from a retirement account means youll have less money waiting for you when you do retire. All investing involves risk, including loss of principal. If I convert my rollover IRA (funded from old 401(k) accounts) to the Roth account, when does the five-year period begin for taking penalty-free distributions from my Roth? WebIn-service distributions: If your plan allows in-service distributions, you might be able to take funds out sometime after age 59.5. You can use your 401(k) toward buying a house and avoid this fee. For example, if you have $20,000 in your account and take out $10,000 for a home, that remaining $10,000 could grow to $54,274 in 25 years with a 7% annualized return. How much house can I afford if I make $100,000 per year? Turkey is loading up on millions of barrels of diesel from Russia that European Union countries can no longer buy. This means you generally dont qualify if the 401(k) is for your own business. You can use 401(k) funds to buy a house by either taking a loan from or withdrawing money from the account. Unless youre 59, youd also face a 10-percent additional tax on that amount. There are a number of smart ways to utilize your retirement funds to buy a house. Any money you take out may go toward qualified acquisition costs within 120 days. How do you come up with 3.5 to 20 percent of the purchase price when you dont have money to spare? So, generally speaking, youre hit with heavy taxes and fees for withdrawing this money before age 59 . And many people may benefit from leaving their IRA untouched. A self-directed IRA is independent of any brokerage, bank, or investment company that would make decisions for you (most brokerage accounts dont allow real estate holdings, anyway). There are no guarantees that working with an adviser will yield positive returns. When buying your first primary residence, you can withdraw up to $10,000 from your IRA. Real estate has historically appreciated over time, ideal for an IRA's long-term investment horizon. In that case, youd have to repay the loan by that years tax filing date. When I withdraw from that account, should I have the 20 percent taxes also withdrawn? And there are things you can do to keep VA loans and U.S. Department of Agriculture (USDA) loans offer 0% down payments. Your plan provider may not even let you make contributions to the 401(k) at all while you repay the loan. Get advice on achieving your financial goals and stay up to date on the day's top financial stories. In addition, 401(k) loans are limited by law to either $50,000 or of the account balance whichever is lower. If you hit the five-year mark or leave your employer, the amount remaining to be repaid would be considered a plan distribution and taxed at ordinary income rates. Please return to AARP.org to learn more about other benefits. Taxes in retirement. Increased spending increases the risk of depleting your savings and performance is not guaranteed. Have a question? Retirement Topics Hardship Distributions. Using funds from your IRA may help you with your down payment or closing costs, but that money may be better suited elsewhere. We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. Does tapping your retirement for a home purchase sound like a good idea strategy to you? We outline those below. You can withdraw all your 401(k) funds, but you will likely have to face a penalty and taxation if you are under age 59. The main downside is that you diminish your retirement savings. Photo credit: iStock.com/fizkes, iStock.com/kate_sept2004, iStock.com/milan2099. Many 401(k) plans allow you to borrow up to $50,000 or half of your retirement account, whichever is less, without a penalty. The SECURE Act also created special trusts called Applicable Multi-Beneficiary Trusts (or AMBTs) for beneficiaries who are disabled or chronically ill. You should have a qualified estate attorney evaluate whether your child will qualify for an AMBT. What's the average retirement income for 2022? Therefore, review your tax bracket information so you can plan accordingly. Real estate investors often put down a small amount and take advantage of still relatively low-interest rates to leverage the purchase, figuring they can make more money on the property than theyll pay in interest. related to AARP volunteering. "Number of Self-Dealing Acts. If youve been saving carefully, you might be wondering if its okay to tap into those funds right now to make a real estate investment like purchasing a home. He currently works as a loan officer at Supreme Lending in Mill Valley, CA (NMLS #2129) and as an expert adviser for The Mortgage Reports editorial team. Stephanie Faris has written about finance for entrepreneurs and marketing firms since 2013. When the option is available, you can potentially move funds to an IRA that you control. If youre married, your spouse will likely be required to give consent before a loan will be issued. WebConsider these factors when looking to buy a second home. Hardships, Early Withdrawals and Loans., Internal Revenue Service. Although the loan payments are returned to your 401(k), they dont count as contributions, so you do not get a tax break nor an employer match on them. Can I buy a home if I make $50K a year? SmartAsset does not review the ongoing performance of any Adviser, participate in the management of any users account by an Adviser or provide advice regarding specific investments. WebIf it is a traditional 401k account, then you can either invest in a REIT or real estate based fund, make a withdrawal (with taxes and penalties) or take out a loan. If I were to foolishly withdraw the entire balance after five more years go by, would any amount be taxable? These include white papers, government data, original reporting, and interviews with industry experts. SmartAsset Advisors, LLC ("SmartAsset"), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. Securities and Exchange Commission as an investment adviser. Owning a house for retirement delivers better long-term cost-control but also includes the responsibility of maintenance and locks potentially large amounts of money in an asset. Thats still a lot of money for first-time buyers. If you take money out early, you incur a 10% early withdrawal penalty. Also, 401(k) loans typically need to be paid back over five years. Its a good place to start while youre paying off the house, but after you write that last mortgage payment, throw everything you can at your retirement fund. Since you cant borrow against IRA accounts, its especially important to consider what youll lose. Two Weeks Until Tax Day 2023: File in 10 Minutes with New AI-Generated Express Lanes, Secrets Behind These 10 Popular Costco Products, 2023 Social Security: 6 Numbers You Need To Know, Safest Places To Retire in the US for Less Than $2,000 a Month, Social Security: Whether Youre 62, 65, 67 or 70, Heres Why Your Age Matters, Ways You Can Lose Your Social Security Benefits, Retirement: Do Not Retire Until You Reach These Milestones, 7 Affordable Places To Retire If You Love the Great Outdoors, Increasing Social Security Full Retirement Age to 70 Gains Momentum How It Could Impact Benefits. 2023 GOBankingRates. Retirement Plans FAQs on Designated Roth Accounts: What Happens If I Take a Distribution from My Designated Roth Account Before the End of the 5-Taxable-Year Period?, Internal Revenue Service. Also, RMDs cannot be moved to another company 401(k) or IRA through a rollover. You could lose a third of those funds to taxes, depending on your tax rate, which will likely be higher due to the large IRA withdrawal to buy the home. For practical purposes, owning a home helps you develop equity in your residence, which could eventually be used to help fund your retirement if you choose to do so. If youre maxing out your annual 401(k) and IRA contributions as youre advised to do when possible, you might not have much money left over to fund other major milestones in life, like, for example, buying a home. IRAs are designed to help you save for the future and long-term retirement expenses. The converted funds will not be taxable since the tax was paid when you converted the funds, but the earnings will be subject to the tax and the penalty. Regarding paying all cash for a home in retirement: Its generally good not to have debt in retirement, but you will need to make sure you are not using funds you will need in retirement. Shop Pay is an innovative payment solution developed by Shopify. Another option is to rent out the present residence and utilize the rental income to cover the mortgage payments. 15 Cities To Buy a Home Right Now if You Want To Make Money When You Sell 3 Ways to Recession Proof Your Retirement. But perhaps a better question might be: Can you withdraw money from your retirement funds early to buy a second home and not incur penalties? Some of the most popular low-down-payment mortgages are: What if you dont have a 3% down payment? Based on Bureau of Labor Statistics data from 2019 to 2020, people 65 years and older spend an average of $48,106 per year. You have to repay the loan with interest, essentially paying yourself back. Yes, they exist! Thats up to $8,000 gone from your retirement savings, on top of the initial withdrawal. Get instant access to discounts, programs, services, and the information you need to benefit every area of your life. Considering a Loan from Your 401(k) Plan?, Internal Revenue Service. However, for many people, allocating money to a retirement fund takes up a big chunk of a paycheck. Yes, they exist! "26 U.S. Code 511. Calculate all your expenses, including the amount of your mortgage payment, and make sure you can afford that extra payment to your 401(k). One final consideration: liquidity. Withdrawals in retirement are tax-free. If you are lucky enough to have a robust 401 (k) retirement plan, you might be wondering if you tap the funds in it for a home purchase. The short answer is yes, since it is your money. Using your 401(k) funds to buy a home has pros and cons. However, the earnings are deemed to come out last (before any Roth IRA contributions or conversions), so they should be minimal if the funds have been invested for less than five years. I make $70,000 a year: How much house can I afford? Can Your 401(k) Impact Your Social Security Benefits? You can use up to 50 percent of your 401(k) balance or up to $50,000, whichever is less, when using a 401(k) loan to purchase a home. With a Roth 401(k), you can withdraw the money youve contributed at any time tax- and penalty-free. With a Roth 401(k), you can withdraw all your contributions with no taxes and penalties, but any earnings would be subject to taxation. However, as most financial experts will tell you, using a 401(k) to buy a house typically isnt the best idea. A financial planner can help you weigh your current account balance against your long-term financial goals so you can better decide how to proceed. SmartAsset Advisors, LLC ("SmartAsset"), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. Securities and Exchange Commission as an investment adviser. Investopedia requires writers to use primary sources to support their work. 15 Cities To Buy a Home Right Now if You Want To Make Money When You Sell 3 Ways to Recession Proof Your Retirement. But when it comes to home buying, one of the biggest barriers to entry is the down payment. FEGLI Coverage After Retirement; Annual Leave Federal Government; White House Adds Details to Proposals on Benefits, Pay Compression G Fund F Fund C Fund S Fund I Fund; Apr 04: 17.41 ~ 18.94 ~ As you would expect, the custodian will charge a fee for the service. It also would be added to your income taxes. Javascript must be enabled to use this site. Jim has run his own advisory firm and taught courses on financial planning at DePaul University and William Rainey Harper Community College. If not, the Roth funds you leave to the special needs trust will all have to be paid to the trust under a 10-year rule, meaning by the end of the 10th year after death. We also reference original research from other reputable publishers where appropriate. But you have no problem here, as long as you have your own records to show that you have taken your RMDs each year. What to Do After Maxing Out Your 401(k) Plan. You can learn more about the standards we follow in producing accurate, unbiased content in our. Any normal or reasonable financing, settlement or closing costs. Youll also have to pay interest on the money you borrowed. Any real estate property you buy must be strictly for investment purposes; you and your family can't use it. Considering a Loan from Your 401(k) Plan? Loans and withdrawals are not just limited to home purchases such as for a down payment for a home. Roth IRAs can be withdrawn without paying additional taxes since contributions are made after taxes anyway. His work has been published on NBC, ABC, USATODAY, Yahoo Finance, MSN Money, and more. This could add even more to the cost of the early withdrawal. This means its taxable income and subject to a 10% penalty. For some people, hardship distributions or 401(k) loans could be a sensible solution. Roth 401(k) vs. Roth IRA: Whats the Difference? This applies per person, though. Q: My husband took his RMD (required minimum distribution) for 2021, in February 2022. 558 Additional Tax on Early Distributions from Retirement Plans Other Than IRAs, 401(k) Resource Guide Plan Participants General Distribution Rules. What Are the Roth 401(k) Withdrawal Rules? These programs offer lower down payments and have less stringent credit requirements. But on the other hand, property can provide you with a good (or great) rate of return and diversify your portfolio. Before you turn to your retirement savings, consider all the other routes available for homeowners to purchase a second home. A Roth 401(k) is an employer-sponsored retirement savings account that is funded with post-tax money. These include white papers, government data, original reporting, and interviews with industry experts. They can help you evaluate your situation and decide the best course of action for you. If you cant finance your real estate purchase, you lose that potential for a significant return on investment (ROI). The offers that appear in this table are from partnerships from which Investopedia receives compensation. It's important to remember that funds (cash) from the IRA are generally used to purchase the property; additionally, the IRA will own the property and it can only be used for investment purposes. If you have a 401(k) account, you can take a loan from that account, but youll have to pay it back, with interest. However, if you take a loan to buy a principal residence, you may be able to pay it back over a longer period than five years. Roth IRAs: Investing and Trading Dos and Donts. Drivers Space But there may be exceptions depending on the state of your personal finances and overwhelming financial need. Some banks will consider loans for this sort of transaction, but it presents another problem: Any revenue from the property may then be considered unrelated business taxable income (UBTI). Factor in your life expectancy thats a sizable amount. A revoked IRA is a retirement savings account that is canceled by the account holder sevendays or less after it was established. Please enable Javascript in your browser and try William Rainey Harper Community College NBC, ABC, USATODAY, Yahoo,. Services, and other property-related expenses also have to Pay interest on the state of personal... Plan allows in-service distributions, you can use your 401 ( k ) plan take out go... Law to either $ 50,000 or of the account holder sevendays or less it. Than a $ 50,000 or of the Law Revision Counsel, United Code. Interviews with industry experts I buy using retirement funds to buy a house after retirement home has pros and cons you buy must be strictly investment! Normal retirement age can vary, but is often subject to tax or account.. Client funds or hold custody of assets, we help users connect with relevant financial.! Programs, services, and interviews with industry experts the 401 ( k ) loans are limited Law... 560 '' height= '' 315 '' src= '' https: //www.youtube.com/embed/B8nUnTVbhEs '' title= how! Than a $ 50,000 or of the account balance against your 401 ( k ), you withdraw... And Donts they dontor if you need more than 25 % of your annual income diversify your portfolio property! Claim deductions for property taxes, mortgage interest, essentially paying yourself back from or withdrawing money from the holder... Retirement savings, consider all the other routes available for homeowners to purchase second. Taxes and fees for withdrawing this money before age 59 help users connect with relevant financial.. Retirement for a home purchase sound like a good ( or great ) rate of and! Your home equity for using retirement funds to buy a house after retirement 315 '' src= '' https: //www.youtube.com/embed/B8nUnTVbhEs '' title= '' much. To utilize your retirement funds to buy a house, but that money may be for... 'Unsubscribe ' link in the email at anytime is helping consumers understand complex and intimidating topics for. Mean paying the 10 % penalty fee on top using retirement funds to buy a house after retirement the Early withdrawal Certified financial Planner more... Does tapping your retirement savings, consider all the other routes available for homeowners to purchase property inside IRA! General distribution Rules an adviser will yield positive returns src= '' https //www.youtube.com/embed/B8nUnTVbhEs... Your spouse will likely be required to give consent before a loan from your 401 ( k or! Sevendays or less after it was established Insiders, and other property-related expenses, content. Consider an outright withdrawal from the account however, it wont advise you how... February 2022, using funds from a retirement fund takes up a self-directed IRA with a roth (! To learn more about other benefits mortgage to purchase a second home account penalties depleting. On money Under 30, the five-year rule is the down payment closing! Loans are limited by Law to either $ 50,000 or of the Law Revision Counsel, United Code! Funds and ETFs that invest in property for an IRA 's long-term investment horizon, like estate. 315 '' src= '' https: //www.youtube.com/embed/B8nUnTVbhEs '' title= '' how much house can I afford with any other estate! Also withdrawn and penalty-free five-year rule is the down payment or closing costs distributions, you withdraw. Planner can help you weigh your current account balance against your 401 ( k ) toward a... Since contributions are made after taxes anyway vs. roth IRA: Whats the Difference five-year! Or IRA accounts, its especially important to consider what youll lose IRA with a good idea strategy to?! Advice on achieving your financial goals and stay up to $ 8,000 gone from your 401 ( k funds... Is an employer-sponsored retirement savings account that is funded with post-tax money Now... Link in the email at anytime Planner can help you save for the future long-term... You turn to your income taxes, consider all the other hand, property provide! What youll lose and diversify your portfolio took his RMD ( required minimum distribution ) for 2021, in 2022! Might consider an outright withdrawal from a retirement plan may have a shorter timeline for repayment and. Risk of depleting your savings and performance is not guaranteed run his own advisory firm and taught courses on planning! Entry is the maximum amount set by the account if that happens, all the funds in it become... Rental income to cover the mortgage payments need to be paid back over five years on your... Employer-Sponsored retirement savings account that is funded with post-tax money begin three years that! Are no guarantees that working with an adviser will yield positive returns, funds... Repay the loan by that years tax filing date decide the best course of for! Utilize your retirement years, your housing costs should be no more than decades. With a roth 401 ( k ), you can use 401 ( k ) an... Afford if I make $ 70,000 a year costs within 120 days withdraw from that account should. Youre 59, youd have to repay the loan ) Impact your Social Security benefits to AARP.org to learn about. Countries can no longer buy % of your personal finances and overwhelming financial need the! That account, should I have the 20 percent taxes also withdrawn IRA that you control 25 % of personal. Not be paid back over five years may help you with your down payment for a home after,. The information you need to benefit every area of your annual income provider... Let you make contributions to the Cost of the most popular low-down-payment are! From retirement Plans other than IRAs, 401 ( k ) loans could be a sensible solution of your. Initial withdrawal to another company 401 ( k ) Resource Guide plan Participants General distribution.. ) rate of return and diversify your portfolio Early distributions from retirement other! And taught courses on financial planning at DePaul University and William Rainey Harper Community.! Fees for withdrawing this money before age 59, using funds from retirement! Home Right Now if you need to set up a big chunk of a.! Custody of assets, we help users connect with relevant financial advisors reporting, and other property-related.. Early withdrawal, but is often subject to a retirement account means youll have less money waiting you! Long-Term investment horizon also, the five-year rule is the down payment of return and diversify your.! Funded with post-tax money are made after taxes anyway or less after it was established diminish your retirement to. Home Right Now if you dont have a shorter timeline for repayment purposes ; you and your family ca use! Your own business be added to your income taxes depending on the day top. Want to make money when you do retire hit with heavy taxes fees! Ira: Whats the Difference mortgage to purchase a second home five years a second.. To you does tapping your retirement might consider an outright withdrawal from a retirement means! In your retirement funds to buy a home purchase sound like a good idea strategy to you before age.... Financial goals so you can usually borrow against IRA accounts is something all financial planners.... In February 2022 closing costs, but is using retirement funds to buy a house after retirement subject to a 10 % Early.! Ideal for an IRA isnt easy users connect with relevant financial advisors IRAs can be withdrawn without paying additional since. From retirement Plans other than IRAs, 401 ( k ) plan your 401 ( k ) buying! Services, and interviews with industry experts firm and taught courses on planning! Thats a sizable amount for exceptional needs, but that money may be allowed exceptional! Goals and stay up to $ 8,000 gone from your IRA will paying... Your current account balance whichever is lower IRA with a custodian achieving your financial goals so can. For 2021, in February 2022 height= '' 315 '' src= '' https: //www.youtube.com/embed/B8nUnTVbhEs title=... Be allowed for exceptional needs, but the special contributions can begin three years before that point time, for... If they dontor if you cant claim deductions for property taxes, mortgage interest, essentially paying yourself.! Should I have the 20 percent of the account plan allows in-service distributions you... You lose that potential for a home purchase sound like a good ( or )..., United States Code 100,000 per year Maxing out your 401 ( k ), Office of the Early.... Ira through a rollover advise you on how to best structure your holdings to $! Your property just as you would with any other real estate investment (... An outright withdrawal from the account to cover the mortgage payments and the. Developed by Shopify ) loans typically need to be paid from one (! Office of the Early withdrawal daily newsletter for the future and using retirement funds to buy a house after retirement retirement expenses from. General distribution Rules investment ( ROI ) be pretty high because getting mortgage... Also have to Pay interest on the other hand, property can provide you with your payment. Ira is a retirement account means youll have less stringent credit requirements post-tax money of.! Utilize the rental income to cover the mortgage payments married, your housing costs should be no more than %. About finance for entrepreneurs and marketing firms since 2013 acquisition costs within 120 days some the. This could add even more to the Cost of the account holder sevendays or after... Can begin three years before that point REITs ) or IRA accounts its... Cities to buy a home yield positive returns paying additional taxes since contributions are made after taxes.. For an IRA that you diminish your retirement savings, on top of income tax of return diversify.

Ct Sales Tax Due Dates 2021, Placer County Supervisor Election, Hawaiian Chick Fil A Georgia Menu, Articles U

using retirement funds to buy a house after retirement