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amother
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 Tue, Jan 07 2025, 10:06 am
I have a few hundred grand saved for a down payment and not buying for another few years (hcol)
Is there any reason not to invest most/all of it in a Roth - to my understanding we can pull out the contributions at any time and the growth is tax free.. (I would leave the growth there and only withdraw the contributions so we would be avoiding a penalty)
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nolacola
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Tue, Jan 07 2025, 10:21 am
The amount that you can put in a year is limited.. it would take a very long time to move everything into the IRA.
Why not just put in high yield savings?
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amother
Caramel
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Tue, Jan 07 2025, 10:24 am
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You can only put in a minuscule amount per year relative to your down payment size.
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amother
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Tue, Jan 07 2025, 10:25 am
For a Roth you can only take out 10k for a home- and only if it is your first home
Anything else will be penalized
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amother
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Tue, Jan 07 2025, 11:13 am
| nolacola wrote: | The amount that you can put in a year is limited.. it would take a very long time to move everything into the IRA.
Why not just put in high yield savings? |
We can contribute 60k between 401ks and IRAs a year and we already have double that invested...
It's been I'm a high yield savings account until now.
The interest rates keeps dropping and for such a large amount it just doesn't feel worth it anymore
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amother
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Tue, Jan 07 2025, 11:14 am
| amother Caramel wrote: | | You can only put in a minuscule amount per year relative to your down payment size. |
Between 401ks and IRAs the amount is 60k a year
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amother
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Tue, Jan 07 2025, 11:15 am
| amother Apple wrote: | For a Roth you can only take out 10k for a home- and only if it is your first home
Anything else will be penalized |
Please correct me if I'm wrong- you can only withdraw 10k of the EARNINGS penalty free.
You can withdraw your contributions penalty free
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amother
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Tue, Jan 07 2025, 11:19 am
| amother OP wrote: | Please correct me if I'm wrong- you can only withdraw 10k of the EARNINGS penalty free.
You can withdraw your contributions penalty free |
I stand corrected
Would you use a robo investor like Wealthfront?
I find it very user freindly and have made great returns
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amother
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Tue, Jan 07 2025, 11:31 am
| amother Apple wrote: | I stand corrected
Would you use a robo investor like Wealthfront?
I find it very user freindly and have made great returns |
I am satisfied with the returns on my roth Investments.
What is the advantage of going through a Robo Investor?
Don't you have to pay taxes on the earnings/dividends every year?
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