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If I start a Roth IRA in a couple weeks, and keep contributing $7k per year to it, for years & decades, When will it pay off? When can it be money for me to spend? (lemmy.world)

submitted 11 months ago* (last edited 11 months ago) by LemmyKnowsBest@lemmy.world to c/personalfinance@lemmy.ml

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And does it multiply while it's invested in the Roth IRA?

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[–] aedyr@lemmy.ca 13 points 11 months ago (1 children)

Overview is here https://www.irs.gov/retirement-plans/roth-iras , but generally 59 and 1/2 is when you can start taking distributions without penalty.

[–] LemmyKnowsBest@lemmy.world 4 points 11 months ago

59.5 years old. Got it.