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Insured Money Market Account - looking for advice..
Posted on 3/6/13 at 12:29 pm
Posted on 3/6/13 at 12:29 pm
I have about $5,500 in a Citibank insured money market account. The money was formerly a 401k but ended up getting dumped into this money market when I left my previous company. I just got my 2012 statement and apparently it earned .35% last year ($17 or so)…lol..
What are some decent options for moving this money into an account that yields a better return? Any advice is appreciated..
What are some decent options for moving this money into an account that yields a better return? Any advice is appreciated..
3
Posted on 3/6/13 at 12:52 pm to SlidellBammer
A conservative mutual fund.
Posted on 3/6/13 at 12:54 pm to SlidellBammer
There are online savings accounts that you can get close to 1% on. You could look into an intermediate or short term bond fund also.
Posted on 3/6/13 at 1:01 pm to LSUTigers00884
quote:
A conservative mutual fund.
As far as i know, i've paid no taxes on this or early withdrawal penalties.. would moving it to a mutual fund require me to do so?
Posted on 3/6/13 at 1:11 pm to SlidellBammer
Open an IRA or pay taxes on that amount and open a Roth
Posted on 3/6/13 at 1:15 pm to SlidellBammer
Did you roll your money into a Traditional IRA from your 401k?
Posted on 3/6/13 at 1:18 pm to gatorsimz
quote:
Did you roll your money into a Traditional IRA from your 401k?
pardon my ignorance, but i do believe so.. i received a "rollover IRA statement" and it lists the money as an insured money market account in the summary of current balances.
Posted on 3/6/13 at 7:49 pm to SlidellBammer
quote:
i received a "rollover IRA statement" and it lists the money as an insured money market account in the summary of current balances.
well you can transfer your IRA to another company like Vanguard if you're looking into mutual funds. i'd definitely move it out of that MM account
Posted on 3/6/13 at 9:23 pm to SlidellBammer
depends on you age and risk tolerance
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