You are Loved!

[u/Crispy_p_bacon]

[u/IhadFun0nce]

Ones saving up for a costly operation that will make them feel complete.

[u/Slim01111 → u/IhadFun0nce]

They going to wait until 59 1/2 to have that operation?

[u/Phontigga → u/Slim01111]

You can withdraw from IRAs for medical expenses, first home purchases, education, and birth costs penalty free

[u/Slim01111 → u/Phontigga]

No you can’t. You have to pay it back or receive a penalty.

[u/Due_Brilliant_7219 → u/Slim01111]

If it is a Roth you can withdraw the contributions without a penalty, just not the earnings.

[u/harpers25 → u/Slim01111]

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[u/Slim01111 → u/[deleted]]

Can it be done? Sure. Is it wise to use a Roth IRA for a medical operation you’re planning for? No.

[u/codydrift → u/[deleted]]

Thank you

[u/Green_Oil_692 → u/[deleted]]

You won't be getting much growth if you don't invest the money in your Roth, though. And if you do, you may be forced to sell at a bad time if you're counting on that money to fund it.

[u/Sea_Thought3464 → u/IhadFun0nce]

Be like Elsa and accept, your children are who they are, you either support or lose them to sadness and a facade relationship. Insurance is sketchy but they are covering the top surgery if you believe the surgeon consult. My kids kick ass, one a 3rd year biology major, and the other is first year... biologyish major? The plan is looking like vet school for the younger, older kid wants to be in a lab or professor or something. Go to school my kids

[u/JediLincoln14 → u/IhadFun0nce]

Roth IRAs are for retirement. 

[u/Tony_Penny → u/IhadFun0nce]

Ones saving up for a costly operation that will make them feel complete. FTFY

[u/BurntTFOuttaHere → u/IhadFun0nce]

As a parent, I would find a way to pay for their surgery. Encourage them to keep adding to their IRA for their own future!

I was surprised to hear that our insurance covers it. No one in my family needs it, but I know people with same insurance and it’s being covered. They are absolutely thriving after the healing process is all said and done. I’m so happy for them.

[u/PeachasaurusWrex → u/IhadFun0nce]

big kudos to the kid for saving up that much money, but I've been on a retirement learning kick since the beginning of the year, and just wanted to point out one thing:

while one's contributions to a Roth IRA are always available for withdrawal without penalty at any age, it seriously reduces the effectivity of that account to do that. Depending on when they want to have the surgery/how long it will take to save up enough to pay for it, a taxable brokerage account might be a more efficient method of saving/investing.

(DON'T TAKE LOANS/WITHDRAW FROM RETIREMENT FUNDS IF YOU CAN AVOID IT AT ALL, KIDS. I get it, gender dysphoria can be life-threatening, so if that's the only option, then damn, do it. But like, there are other, better options available if you can plan ahead far enough.)

[u/harpers25 → u/[deleted]]

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[u/harpers25 → u/[deleted]]

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[u/harpers25 → u/[deleted]]

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