Roth IRAs are good for saving money for retirement, but that isn’t the only thing they are good for. They can be used for down payment for a house, paying for college, an emergency fund, or saving money for your child as well.
The Simple Dollar’s Matt Becker has a good list of Four Ways to Use a Roth IRA That Have Nothing to Do With Retirement:
- College Savings: “A Roth IRA is a great way to save money tax-efficiently for college while maintaining the flexibility to use it for retirement if your goals or needs change.”
- House Down Payment: “Your Roth IRA is also available tax-free for use as a down payment on a house, up to a point.”
- Emergency Fund
- Launchpad For Your Child
(Image via Quickmeme)