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Traditional IRA questions
Posted on 5/22/13 at 5:32 am
Posted on 5/22/13 at 5:32 am
My wife has a traditional IRA that she transferred to a credit union when she quit teaching a few years ago. I have little to no experience with an IRA, but I know where it's at is terrible in terms of returns. Long story short, I'm looking to transfer it into a self directed option like Fidelity. It's not much, just under 5k. My questions are:
- Any experience with Fidelity? Are there better options?
- Once the money is in the account, what are my options in terms of moving money around with the IRA? What investment vehicles are you allowed to use? Suggestions on where to put the money? (We can weather risk)
- Would you recommend converting it to a roth? (We're both in our mid-20s; I know we'll have to eat some taxes).
Thanks!
- Any experience with Fidelity? Are there better options?
- Once the money is in the account, what are my options in terms of moving money around with the IRA? What investment vehicles are you allowed to use? Suggestions on where to put the money? (We can weather risk)
- Would you recommend converting it to a roth? (We're both in our mid-20s; I know we'll have to eat some taxes).
Thanks!
This post was edited on 5/22/13 at 5:35 am
2
Posted on 5/22/13 at 7:10 am to AUsteriskPride
quote:
. I have little to no experience with an IRA, but I know where it's at is terrible in terms of returns.
You have no experience with ira's, not even in the ballpark to a little experience with that statement.
You can self direct her current account. I have vanguard for mine.
Options- like any other brokerage account. You aren't limited to a certain group of funds, stocks, etfs etc.
Hope that helped, good luck.
Posted on 5/22/13 at 7:20 am to AUsteriskPride
quote:
- Would you recommend converting it to a roth? (We're both in our mid-20s; I know we'll have to eat some taxes).
At your age, do the conversion. The taxes will not get any lower. Do it over a couple of years if it would knock you into a higher bracket in a single year.
Vanguard is a good choice for low fees and a wide choice of options. I also like the ease of navigating their web site to manage your account.
This post was edited on 5/22/13 at 7:22 am
Posted on 5/22/13 at 7:41 am to Layabout
Thanks .. And you're right wegotwood, I have no experience with an IRA. The only retirement account experience I have involves TSP.
.. And you're right wegotwood, I have no experience with an IRA. The only retirement account experience I have involves TSP. 
Posted on 5/22/13 at 10:00 am to wegotdatwood
quote:
You have no experience with ira's, not even in the ballpark to a little experience with that statement.
If she has a traditional IRA with a credit union then her holdings are probably CDs. Most banking institutions offer CD IRAs.
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