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The difference may be with how available the money is. Having money on an IRA is important, but cannot really be used in case of emergency.
by dudul 10y ago
The difference may be with how available the money is. Having money on an IRA is important, but cannot really be used in case of emergency.
- AnimalMuppet 10y agoIIRC, it can, at least for a medical emergency. Of course, you have to pay it back, with interest...
- marcoperaza 10y agoRight, but given the worthless interest rates on saving accounts these days, a lot of people probably have their emergency funds in checking accounts. And if you own stocks and such, those are pretty liquid.
- pilom 10y agoActually if it is in a Roth IRA, you can withdraw all of the principal (but none of the gains) at any time, for any reason, tax and penalty free.