Can There Be Other Uses For Roth IRA
So far, we have seen, how the
entire scheme of Roth IRA, is filled, with savings on taxes and future
expenses. We have, also, seen, how a Roth
IRA retirement plan, can be used to reap good dividends, out of high
yielding investments, as well as, for funding the education, of your child.
However, some people would like, to scrape the bottom, of the barrels. They
would be wondering, what a Roth IRA
can be used, for, apart from above benefits. So, is a Roth IRA, further useful, for settling mortgages and other,
unprecedented expenses? Nothing is, so far, definite and conclusive. But, we
can examine the possibilities, can't we?
As in the situation, of education funds, a good deal, of people, would, be probably, scratching their heads, in deciding, whether they should keep, their Roth IRAs, for retirement, or for something else. A similar scene can be seen, when people are looking forward, to buy a new house. After all, housing loans come, with exorbitant interest rates. Now, let me tell you, if you use, your Roth IRA deposits, to buy a new house, you are making a mistake. The proceeds, from the sale of the house, at retirement, could be taxed and you will, be losing your hard earned savings. So, it would not be bad, if you decide to buy a house, after retirement, with your Roth IRAearnings and income.
Similarly, you can, also, decide to use the income, in solving issues, of your house mortgage. Here, you will have, to determine the approximate nature, of your mortgage payments. The same rule would be, applicable, in using the Roth IRA income, for daily expenses. In this way, you will not, waste away the fortune, in your Roth IRA and you can also reap great returns.
As in the situation, of education funds, a good deal, of people, would, be probably, scratching their heads, in deciding, whether they should keep, their Roth IRAs, for retirement, or for something else. A similar scene can be seen, when people are looking forward, to buy a new house. After all, housing loans come, with exorbitant interest rates. Now, let me tell you, if you use, your Roth IRA deposits, to buy a new house, you are making a mistake. The proceeds, from the sale of the house, at retirement, could be taxed and you will, be losing your hard earned savings. So, it would not be bad, if you decide to buy a house, after retirement, with your Roth IRAearnings and income.
Similarly, you can, also, decide to use the income, in solving issues, of your house mortgage. Here, you will have, to determine the approximate nature, of your mortgage payments. The same rule would be, applicable, in using the Roth IRA income, for daily expenses. In this way, you will not, waste away the fortune, in your Roth IRA and you can also reap great returns.
