You may be able to use your Roth IRA to fund a home purchase. Here are the pros and cons

You may be able to use your Roth IRA to fund a home purchase. Here are the pros and cons  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  VIEW IN BROWSER | SUBSCRIBE WED, AUG 05, 2020 YOUR WEALTH Editor's Note In these times of great economic uncertainty, keeping your financial house in order is more important than ever. To help you cope, we have two great choices for you. First, turn to our popular Special Report, "Your Money, Your Future,'' where we tackle all manner of questions, strategies and actionable advice you can use in making the most of your money. This week, among other topics, we look at the pros and cons of using your Roth IRA for a down payment if you're home buyer without a lot of other cash saved up. While the rules permit you tap this money, generally without penalties, should you? Or are there better options to finance your dream home? We lay it out for you. To keep abreast of all the latest news, be sure to bookmark the section and return often. The second is our new go-to guide, "Personal Finance 101: The complete guide to managing your money." It's a great resource for family members, friends and just about anyone who wants a primer in all things money. You can pick and choose the topics of interest to you, such as creating an emergency fund, saving for retirement and reducing debt. It's one more way CNBC helps you get ahead and stay ahead. For more key stuff like this, please follow me on Twitter @jimpavia and check out CNBC's Financial Advisor Hub and CNBC + Acorns Invest in You: Ready. Set. Grow. Jim Pavia @JIMPAVIA You may be able to use your Roth IRA to fund a home purchase. Here are the pros and cons Due to the flexibility of a Roth IRA, you may be able to use money toward the purchase of your first home without paying taxes or an early withdrawal penalty on up to $10,000 in earnings. Personal Finance 101: The complete guide to managing your money Creating a financially secure life can feel like a daunting task. This Personal Finance 101 guide lays out seven key steps to get you working toward long-term security. Pandemic is heightening stress over the $1.9 million retirement number. How you can save more The top source of financial stress is saving enough for a comfortable retirement, a worry that is trending upward as a result of the pandemic. Only a third of Americans believe they can reach their goal. The $600 unemployment boost is gone. That leaves some with just $5 a week Congress didn't extend the $600 boost to weekly unemployment benefits, which lapsed on Friday. Now, some workers will get just a few dollars a week in jobless aid. Republicans call the $600 unemployment boost a disincentive to work. Many experts disagree Republicans want to end or reduce an extra $600 a week that unemployed Americans have been receiving, calling the aid a disincentive to return to work. Economists suggest this may not be correct. Receiving unemployment payments? Why tax season might cost you next year Laid-off workers who are currently receiving unemployment may stumble on a surprise next spring: They could owe Uncle Sam, and they could miss out on a pile of tax credits when they file with the IRS. Avoid making these investment mistakes, the pros warn Whether you're a novice or seasoned investor, mistakes can be made in your pursuit of growth. Here are some of the big errors that financial advisors discovered in recent research. Here's what Medicare beneficiaries worry about when it comes to costs For Medicare's 62.5 million beneficiaries — the majority of whom are age 65 or older — the spread of Covid-19 means worrying about the cost, as well as their increased health risk. Will schools reopen in the fall? Here's what's at stake for children and their parents As schools prepare for the upcoming year, many have already committed to a "hybrid" model to education in and outside the classroom. It's almost as if stock prices anticipate the future "Imagine a world where the crowd isn't always wrong and the people earning returns aren't automatically dopes or rubes for having made the attempt ..." CONTRIBUTORS Sharon Epperson @sharon_epperson Josh Brown @ReformedBroker Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel   Digital Products Feedback Privacy Policy CNBC Events   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS