loan repayments vs. taking an Roth IRA?

Question

hi,
last year i took out my first roth IRA, at the maximum. i want to do it again for this current year, but i am in graduate school and have a lot of college loans. is it a bad idea to take out this year's IRA with a loan? i have heard that you can never catch up if you don't deposit some years.

Answer 1

If you are an immigrant and are planning to go back, then you may want to take it out, coz becoming debt free should be your primary goal. But if you are a citizen, a greencard holder or planning to continue to stay here. Please leave it there. Its very great that you have started with your IRA fund. I would not take it out.