If you have a traditional or Roth IRA account, you’re likely familiar with its retirement-saving benefits. What you may not know is that funds in your IRA can be used to purchase your first home or fund your child’s higher education expenses. Indeed, exceptions for IRA withdrawals allow you to take a penalty-free distribution of up to $10,000 to buy or build a first home, meaning that you haven’t owned a home in the past two years. Also, you can withdraw funds to pay qualified higher education costs for yourself, your spouse or your children. For students enrolled at least half-time, this includes tuition, fees, books, and room and board. Contact us for additional details.
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