Would you have to pay capital gains tax to withdraw from the brokerage account? If not, then to me it's clear cut that you should use that to fund the Roth IRA since Roth contributions can be withdrawn without any tax or penalty.I’m hoping to be able to retire in about 7 years at age 56. My wife is eligible for retirement from a government job at that point, she will be 60. The question for me is right now I have most of my investments in 401k and Roth IRA. I also have about 50k in a brokerage account. I was considering using some of that 50k to fund my Roth IRA. But if I may retire before 59.5 am I better off keeping that money in a brokerage account so I don’t have to pay the 10 percent penalty? My thought was keep the brokerage account for the next 10 years and then whatever is left start moving into my Roth IRA once I hit 59.5. Thanks for your input.
Statistics: Posted by keystone — Thu Nov 21, 2024 7:25 am — Replies 3 — Views 390