I have decided to cash in a whole life policy I have been paying into, for the past 20 years. I no longer need the policies coverage.
I will receive about $27k. I will be paying taxes on $9k of that, so I will net about $25k.
I would like to invest these funds into stocks and would like to be able to tap into the returns when I reach FI in about 10-15 years. I am 42 now.
Should I go with a IRA or Roth?
IRA I have to wait until 59, Roth I pay taxes up front, but can extract cash from it anytime? I am leaning towards a roth.