The Roth IRA, at least, can be a part of your emergency fund strategy. Contributions can be withdrawn without penalty (not earnings) at any time. I have an actual e-fund (cd ladder, though the rates on renewal will be even worse so I need a new plan), but for a true catastrophe, that's part of my strategy. It also gives you tax free growth. I've only had one investment pan out well, but it hurt to see 15% of the gains go to taxes. If it had been in my IRA I could've kept that money for reinvesting.