529 Plan and College Savings

Question: Should I use a Roth IRA or regular Savings account?

I saved a ton of money this summer with a summer job. In the fall, I will be a sophomore college student full time. I already have a checking and savings account with a bank, but should I just put this money into my savings account, or open up a Roth IRA for the future?
And If I choose a Roth IRA, where can I set one up?

Answer: If you don’t really plan to use the money for anything but retirement a ROTH is a fine decision. However, you can take out any CONTRIBUTION in a ROTH ira without penalty or taxes since they are after tax contributions. Any EARNINGS on your contributions are subject to taxes and early withdrawal penalties. I think you would have to provide a bit more detail for me to determine what the right choice would be. Based on what I know, I would just stick with a regular savings account for now.

Roth IRA and Silver ETF SLV

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