I'm 24, almost 25, and thinking about opening a Roth IRA, but I have some questions.
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After the 5 year period, even if I am under 59.5 years old, can I take out of my Roth IRA without penalty?
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Can I take out of my Roth IRA to pay for Grad School or my 1st home? (I saw online about exceptions saying "The distributions aren't more than your qualified higher education expenses," but I'm not sure what this means.)
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Is the tax I pay when putting money in typically less than the interest rate?
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Who should I get my Roth IRA with?
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What affects the interest I get back? (I've seen it is typically 7-10% annually)
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If I take out money and it has a penalty of 10%, is it 10% of what I take out or 10% of my savings?
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I assume if I, for some reason, wanted to take out my savings, even after 5 year, I would have the pay the penalty. Correct?
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After I am 59.5 years old, can I take it all out with no penalties if I want?
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Any other advice or information you think I need would be greatly appreciated.
Thank you!
Submitted January 23, 2023 at 03:20AM by TheBreathTaken https://ift.tt/fNCAHQP
