I have a Roth IRA that has not earned any money (only lost).............what do I need to do to withdraw it?

Question

I funded the IRA online with Fidelity and an EFT from my bank account, can I just withdraw it and EFT it back to my bank?

Answer 1

It might be better for you to rollover the money into different investments with Fidelity.

Answer 2

How long have you had it?  You might be penalized for withdrawing it.  But you can move it into some other investment, and still have it in a Roth IRA.  Fidelity has tons of options.

Answer 3

Your Roth is a long term investment. Right now, most retirement accounts are down about 20 percent. I for one am contributing more money while it is down.

The market has ups and downs, but always goes up in the long term.

Look at the Dow chart below. Under Clinton, there was a large climb. The left will have you believe it was the Clinton economy. Around 1994 the Internet came into many homes and people started investing on line. The market took off. Then it dropped still under Clinton. It continued to drop through 9-1-1. Then it recovered to an all time high (But all you heard was how bad things were under Bush). . Look at ti today, it is just a slightly below Clinton's highest. (Under Clinton it reacher about 11,500, under Bush, it is currently at 11300.) I suspect it will return even higher. Also notice, people that were in the market in 2002, are still up, even though the market is down 20 percent.  (move your mouse across the graph and the date and value show in the upper left corner).

I would keep investing. You have heard "Buy Low, Sell High" You are taking about Buying High,Selling Low.



The Roth is the one investment where government doesn't s***w you. When you retire the Roth is used to bring you into a lower tax bracket. (If you get money from retirement of $50,000 you will pay tax on $50000. With $25000 from the retirement and 25000 from the Roth, you would pay taxes on 25000.