Nanita8140
Recycles dryer sheets
- Joined
- Jan 8, 2008
- Messages
- 75
My coworker's son has been living out on his own for a year now(he's 24 year old), and recently he told me that he has $20,000. in an emergency fund(regular Money market account). I asked him what kind of retirement account(s) he was funding...answer...none. His job does not offer a 401K plan and he is clueless and somewhat fearful about the stock market. I told him that perhaps he can start off by getting a Roth IRA CD at least. He doesn't like the idea of having his money tied up until he's fifty-nine and a half. Correct me if I'm wrong, but can't you withdraw "the contribution" in a Roth IRA without penalty? I find that if this is so(as I believe it to be), that this can serve as retirement/emergency account. Also, aren't Roth IRA also protected from bankruptcy?....I hope I gave the kid the right information.