Investing in index funds through brokerage vs ROTH IRA vs IRA

[vinnybagodonuts]

I have been investing in VTSAX through a joint brokerage account. I'm debating if I should start maxing out a ROTH IRA or regular IRA in addition. From what I understand you can withdraw from a ROTH at any time, so it could almost double as a savings account, instead of leaving money in the bank to collect little interest. Are there any advantages an IRA would have over a ROTH IRA, beside reducing taxable income? I know there are fees for withdrawing from an IRA early.

I am 23 years old, working full time. Thanks!

[terran]

Yes, you should be investing in tax advantaged accounts before investing in a taxable account.

See: https://forum.mrmoneymustache.com/investor-alley/investment-order/, https://forum.mrmoneymustache.com/investor-alley/how-to-withdraw-funds-from-your-ira-and-401k-without-penalty-before-age-59-5/, and https://www.bogleheads.org/wiki/Traditional_versus_Roth

For your question about whether Roth can "double as a savings account" see https://www.bogleheads.org/wiki/Roth_IRA_as_an_emergency_fund