Started my first 401(k)

[sweeps]

You can withdraw your contributions from your Roth at any time without penalty. But to withdraw the earnings, yes, you must have had the money in the Roth for at least 5 years and it must be for a qualifying event (e.g. $10,000 for first-time home).

But I agree that your retirement plan should be for one thing: Retirement. Once you start thinking of it as money for other purposes, you're in trouble.

[WellManicuredMan]

Originally Posted by Sweepsplayer

You can withdraw your contributions from your Roth at any time without penalty. But to withdraw the earnings, yes, you must have had the money in the Roth for at least 5 years and it must be for a qualifying event (e.g. $10,000 for first-time home).

But I agree that your retirement plan should be for one thing: Retirement. Once you start thinking of it as money for other purposes, you're in trouble.

Thank you sweeps for clarifying that. I thought that was how it worked. I'm pretty surprised that the IRS will even allow this to be done with your contributions.

And I agree 100% with your second statement. I don't plan on using my retirement for other purposes, but it is nice to know that if I really need the money I could take it out (minus earnings) without having to pay a penalty.