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Started By
Message
re: Opening Roth IRA
Posted on 12/17/18 at 8:51 pm to foshizzle
Posted on 12/17/18 at 8:51 pm to foshizzle
Why all the downvotes for using Roth as starter emergency fund? Most young adults I've talked with about starting a Roth are more concerned about having money available for an emergency. I wouldn't recommend pulling cash from Roth unless it's a true emergency. But if that's what's stopping someone from getting started why not keep emergency fund in Roth where they might also be less likely to withdraw it for trivial things short of emergencies.
3
Posted on 12/17/18 at 8:55 pm to TorchtheFlyingTiger
quote:
Why all the downvotes for using Roth as starter emergency fund?
Because if he put $500 in it 2 weeks ago he'd have about $450 dollars today
Posted on 12/17/18 at 9:08 pm to TorchtheFlyingTiger
It’s worth noting that you would be subject to a 10% early withdrawal penalty, if the roth is less than 5 years old.
Posted on 12/18/18 at 6:26 pm to TorchtheFlyingTiger
quote:
Most young adults I've talked with about starting a Roth are more concerned about having money available for an emergency.
My thoughts exactly.
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