On the other hand, we might end up leaving the US. Or maybe we still won't want to buy a house. But all the options are out there. Even with a 10% withdrawal penalty I hope the returns are going to be better than the money sitting where it currently is.
3 comments:
Congratulations on setting up Roth IRA for Snork Maiden. It’s indeed another good step toward your moomin house!
By the way, you can withdraw your contributions without any penalty and leave the earnings in. If for the purchase of your first house, up to 10,000 in learning can be withdrawn without penalty.
Yes, the goal for the Moominhouse FUnd that I am now tracking in the righthand column is the maximum we can withdraw tax free after 5 years to buy a house based on potential contributions and the $10k in profit on each account. It could be greater if I roll over my 403b into the Roth IRA. My understanding is that as long as the account is open for five years rolled over contributions come out tax and penalty free for the purpose of house buying. They have to stay in the Roth for five years themselves to come out penalty free for any other reason. So it's likely we'll pile up in excess of $100k if we stay in the US.
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