LemmyKnowsBest@lemmy.world to Personal Finance@lemmy.mlEnglish · edit-28 months agoIf I start a Roth IRA in a couple weeks, and keep contributing $7k per year to it, for years & decades, When will it pay off? When can it be money for me to spend?message-squaremessage-square5fedilinkarrow-up111arrow-down11file-text
arrow-up110arrow-down1message-squareIf I start a Roth IRA in a couple weeks, and keep contributing $7k per year to it, for years & decades, When will it pay off? When can it be money for me to spend?LemmyKnowsBest@lemmy.world to Personal Finance@lemmy.mlEnglish · edit-28 months agomessage-square5fedilinkfile-text
minus-squareFermion@feddit.nllinkfedilinkEnglisharrow-up6·8 months agoAs a note, you can’t “borrow” from a roth. So if you withdraw principle, you’re limited by the max contribution rate in building up the principle again. So while it’s penalty free, there are limitations to keep in mind.
As a note, you can’t “borrow” from a roth. So if you withdraw principle, you’re limited by the max contribution rate in building up the principle again.
So while it’s penalty free, there are limitations to keep in mind.