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Retirement Saving for retirement - questions about pensions and pension schemes, 401k's, public and private company pensions, and other saving schemes.

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  #1  
Old 05-05-2016, 12:20 AM
blugirlami21 blugirlami21 is offline
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Join Date: May 2016
Posts: 1
Default Roth IRA Help

I opened an IRA account with Merrill Lynch in November of 2014. I let my cousin convince me it was a good idea even though I have no idea what I'm doing but I digress. I contributed 100 dollars every paycheck until October of 2015. I had amassed about 2500 dollars and I never invested the money into anything. I withdrew 500 dollars when I was in dire straits. I've been trying to figure out if there are any penalties in my case if I simply withdraw the rest and put it into an actual savings account instead.

​I find the rules confusing and contradictory and I would really love a definitive answer on whether I will be penalized for taking the money I contributed out when there was no investing and no earnings.
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Old 08-20-2016, 08:07 AM
camilaparker camilaparker is offline
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Join Date: Aug 2016
Location: New York, USA
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Default Re: Roth IRA Help

You must visit the site and let your ideas be clear on the point.
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