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Author: NarnCeredir One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127228  
Subject: Re: Where to Park Closing Cost Savings Date: 12/3/2012 11:43 AM
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I wouldn't think of the closing costs any differently than you do the down payment. It's all money you need at the time of purchase.

I'd stash the funds in the same account with your down payment money.

However, since you seem to be intent on trying to use a Roth IRA to accomplish something it was not designed to do, the next best thing would be to transfer the Roth IRA to the same online bank that is holding your down payment money. They almost certainly will be able to open up a Roth IRA for you and then accept a transfer of the money from TD Ameritrade.


I certainly understand that the Roth IRA is not designed as a sort-term savings account. The very small amount of money in the IRA has been there for awhile (I opened the account while I was in graduate school, with little plans and before I had a real job, etc.) and is not a part of my overall retirement strategy. But the money will be helpful for my short-term goal of purchasing a home, and will not hurt my retirement savings. I'm just trying to simplify and minimize tax liabilities as much as possible. Thanks for the advice!
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