Submitted by lost_girl_2019 t3_zzkmvy in personalfinance
biondablonde t1_j2c68xr wrote
Are you employed? Does your employer offer a 401k? Do you want to save this money for retirement or a shorter-term goal?
lost_girl_2019 OP t1_j2dbfcg wrote
I am employed on a PRN/part time basis due to disability. I want to save this money for "retirement." I do also have a goal of working on a down payment for a house, but the retirement is my first goal. With that said, can you advise me on both goals?
MissNguyendi t1_j2ddxsk wrote
Either way, put this in a Roth IRA.
Although, it's not recommended to withdraw money from your Roth IRA for a home purchase, you can do it with tax benefits.
> Roth IRA withdrawal rules allow you to take out up to $10,000 earnings tax and penalty-free as long as you use them for a first-time home purchase and you first contributed to a Roth account at least five years ago.
lost_girl_2019 OP t1_j2de3vt wrote
Awesome! Thank you!!
morenodavid661 t1_j2eo7im wrote
Most probably he is going for long term plans, i might also be wrong.
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