Quote:
Originally Posted by n00b590
- 100% in stocks excluding emergency fund / life roll
- Look into a SEP IRA or solo 401k rather than all in taxable
- No health insurance is idiotic
I did some research and just wanted to confirm that with an SEP IRA I will not be able to withdraw my principal contributions tax free like I can for a Roth. Is that correct?
For example, in a Roth, if I have contributed 20k and the balance is up to 28k, I can withdraw up to 20k tax-free, since this was my principal investment.
But the same is not true for an SEP? Anything put into that account has to stay there until the age of 59 1/2, otherwise I will be faced with a 10% tax fee.