aedyr comments on 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?

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 2 years ago* (last edited 2 years ago) by LemmyKnowsBest@lemmy.world to c/personalfinance@lemmy.ml

5 comments fedilink hide all child comments

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

you are viewing a single comment's thread
view the rest of the comments

[–] aedyr@lemmy.ca 12 points 2 years ago (1 child)

Overview is here https://www.irs.gov/retirement-plans/roth-iras , but generally 59 and 1/2 is when you can start taking distributions without penalty.

hideshow 2 child comments

[–] LemmyKnowsBest@lemmy.world [S] 4 points 2 years ago

59.5 years old. Got it.

parent