5K to invest

[prohornblower]

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One of the benefits of a roth ira is that you can use the first 10k towards the purchase of your first home. It also grows tax free which is a huge benefit that most people don't realize how great is.

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I was under the impression one can take out RothIRA contributions up to any amount at any time for any reason tax and penalty free? I think the 10K first-home-purchase thing is for a 401(k).

Correct me if I'm wrong.