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Ask Dave

Investing At The Wrong Time

After being laid off, Barbara and her husband are thinking of funding a Roth IRA, but Dave thinks they are not prioritizing.

QUESTION: Barbara and her husband were both laid off. They have no debt but the mortgage and have an emergency fund in place. She didn’t set up a Roth IRA this year, but her husband wants her to because you can take out the principal without a penalty. Dave doesn’t want to hear any of that.

ANSWER: I don’t care about that. Don’t mess with the Roth IRAs until you find other jobs. There’s no advantage to funding it now except that the market’s down. He needs to focus on getting a job.