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How Roth IRAs Can Help in an Emergency

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The standard advice on emergency savings is that you want to keep yours in an FDIC-insured deposit account, protected from the stock market’s vagaries. For most people, that means keeping your emergency savings separate from your retirement savings.

But here’s a relatively unusual strategy that can come in handy: using a Roth IRA account — generally used for retirement savings — as a backup for your emergency savings.

Why a Roth?

Because of the Roth’s special rules — you can always withdraw your Roth contributions tax- and penalty-free — using a Roth IRA as an extra emergency fund might make sense for some people.

Invest with an eye on emergencies, rather than retirement, until you’ve built up your emergency funds.

Think of it as a...

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