Liquidating a roth ira

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(There is an exception, however: If you’ve converted assets from a traditional IRA or 401(k) into a Roth IRA, each converted amount has its own five-year clock.

It might give you peace of mind to know Roth IRA contributions can be tapped in a pinch.

They’re not a replacement for an emergency fund or an excuse to live above your means, but if things get dire, they can be a source of quick cash.

According to IRS rules, you can also use the money to help out a child, grandchild, or parent who meets the first-time homebuyer definition.

It’s recommended that you check with a qualified financial professional before making any big decisions on a Roth IRA withdrawal.

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