Roth IRA and your down payment
Key take-aways:
If your company offers a match, consider contributing up to the amount where you will get a match.
If you have an option for a Roth 401(k) contribution, you really ought to consider it.
Start building your nest egg today and get that emergency fund established.
You can withdraw contributions from a Roth IRA when buying a house, and up to $10,000 in earnings if the Roth has been held for five years or more without triggering a taxable event.
If the Roth IRA is less than five years old, you can still withdraw your contributions and up to $10,000 in earnings, but the earnings will be taxable.
The $10,000 from your Roth IRA for a home purchase is a lifetime exclusion.
Tapping into your retirement account for a home purchase may be a warning sign to reconsider the affordability of the house.
Focus on building an emergency fund, your nest egg, and saving for a house before saving for college and retirement.
#rothira #downpayment #savings #emergencyfunds
#emergencyfund #401k
Mullooly Asset Management is a fee-only investment advisory firm located in Monmouth County, NJ. We work to educate our clients regarding managing the risk in their investments. We act in a fiduciary capacity with our clients at all times.
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