Updated almost 4 years ago on . Most recent reply
Roth IRA as an emergency fund?
Hello all!
I am a very fresh investor and really need your help. I was thinking about maxing out my Roth IRA because I have some amount sitting in my regular checking account which is losing its value over time. I know that I won't get penalized if I withdraw my contributions early before I turn 59 1/2. I don't think I will be withdrawing my contritions anytime soon. The question I had was if I only withdraw my contributions for a down payment on a house will there be any cons of doing that? or will I have any problems when I file my taxes? Also if I withdraw my contributions multiple times, are there any drawbacks of doing that? I would really appreciate your help. Thank you!