If I start a Roth IRA in a couple weeks, and keep contributing $7k per year to it, for years & decades, When will it pay off? When can it be money for me to spend? (lemmy.world)

submitted 1 year ago* (last edited 1 year ago) by LemmyKnowsBest@lemmy.world to c/personalfinance@lemmy.ml

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And does it multiply while it's invested in the Roth IRA?

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[-] Fermion@feddit.nl 6 points 1 year ago

As a note, you can't "borrow" from a roth. So if you withdraw principle, you're limited by the max contribution rate in building up the principle again.

So while it's penalty free, there are limitations to keep in mind.

this post was submitted on 17 Nov 2023

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