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Old 07-27-2011, 08:32 AM
 
74 posts, read 162,120 times
Reputation: 33

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ok, i've been doing my research and of course watching Miss.Suzie Orman.

I'm highly intrested in getting more details on Roth IRAs. But reading on them has me a little confused. So I know the max I can contribute is roughly 5k a year. However, how does it work far as a savings deal? What I mean is, I can invest that 5k on anything I want, get a return and still be able to withdraw at anytime with no penalties? That sounds a little too good to be true? IF that's the case why aren't more people doing this? I know it has to be something I'm missing..
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Old 07-27-2011, 09:56 AM
 
Location: Virginia
458 posts, read 1,076,224 times
Reputation: 373
You can withdraw your contributions at any time without penalty. Any interest/earnings must wait until age 59 1/2.....unless you want to pay the consequences (taxes/penalties).

I'm guessing most people don't have enough spendable income leftover to fund Roths. Especially this day and age.
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Old 07-27-2011, 11:14 AM
 
74 posts, read 162,120 times
Reputation: 33
ok.. now that makes sense.. thanks GCPA
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