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Offlineonions_have_layers
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Registered: 12/12/23
Posts: 27
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Re: Opening Roth IRA [Re: JonBongGroovy]
    #28613389 - 01/07/24 08:24 PM (20 days, 14 hours ago)

Roths are cool because you can set it up to where your capital gains are able to be withdrawn anytime without penalty or tax. 401k you cannot withdraw anything without being HEAVILY taxed.  Good luck to you! No better time to start investing than NOW.

Edit: your original contributions can be withdrawn tax/penalty free. Gains are still taxed if withdrawn early.


Edited by onions_have_layers (01/08/24 03:44 PM)


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Offlineonions_have_layers
Stranger
Registered: 12/12/23
Posts: 27
Last seen: 1 hour, 20 seconds
Re: Opening Roth IRA [Re: badchad]
    #28614231 - 01/08/24 03:42 PM (19 days, 19 hours ago)

Quote:

badchad said:
Quote:

onions_have_layers said:
Roths are cool because you can set it up to where your capital gains are able to be withdrawn anytime without penalty or tax. 401k you cannot withdraw anything without being HEAVILY taxed.  Good luck to you! No better time to start investing than NOW.




Minor point of clarification, you can only withdraw the principle that add to your Roth without penalty.  You cannot withdraw "gains" until retirement without penalty.




Whoopsie! Yep you're right I got it flipped :smile:


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