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Financial Advice
Posted on 3/28/13 at 2:02 pm
Posted on 3/28/13 at 2:02 pm
I have roughly $20,000 to invest...open a Vanguard Roth IRA? Fidelity? What would you do with $20,000? I don't need it in the near future and I hate that it is sitting in a worthless money market account...I'll still have around $20,000 as emergency fund/house downpayment/etc...I plan to invest it and forget about it while still contributing to whatever type of account I open.
This post was edited on 3/28/13 at 2:03 pm
3
Posted on 3/28/13 at 2:22 pm to Chaplain
What's your risk tolerance? Do you have any experience with mutual funds? Also, Roth max contribution is 5000 for 2012 and 5500 for 2013 if you're under 50 so you may only be able to move $10500 into a Roth.
Posted on 3/28/13 at 2:24 pm to Chaplain
I've got $30,000 sitting in savings. I'm moving $10,500 of that into a Vanguard Roth IRA between today and next week. The remainder I'm going to move to PenFed where I will dump about $7000 into CDs and leave the rest as an emergency fund.
That is about as far as I have gotten for drawing up plans to do with a stash of money.
//Edited to Add: Speaking of Vanguard, has anyone else been having difficulty accessing their site today?
That is about as far as I have gotten for drawing up plans to do with a stash of money.
//Edited to Add: Speaking of Vanguard, has anyone else been having difficulty accessing their site today?
This post was edited on 3/28/13 at 2:26 pm
Posted on 3/28/13 at 2:39 pm to Chaplain
Bear in mind that the institution where you open the account doesn't necessarily limit you to use only their funds. For example, my Roth is at Schwab but I own Vanguard funds in it.
However, if you know you are only going to use Vanguard you will probably get a (very slightly) better deal hosting your Roth with Vanguard.
However, if you know you are only going to use Vanguard you will probably get a (very slightly) better deal hosting your Roth with Vanguard.
Posted on 3/28/13 at 2:43 pm to foshizzle
Is it very difficult to move a roth ira from one institution to another? I've caved in to using Vanguard as my point of entry and settling with Vanguard funds. Eventually I am planning on moving my funds to Fidelity or elsewhere once I have built up enough knowledge and reserves.
Posted on 3/28/13 at 3:28 pm to gatorsimz
I just opened a Target Date 2045 Fund ROTH IRA with Vanguard...I plan on putting $10,500 for myself and opening another for my wife with another $10,500.
Posted on 3/28/13 at 3:33 pm to RickAstley
quote:
Is it very difficult to move a roth ira from one institution to another?
Very easy. But keep in mind you will pay termination fees. Sometimes upwards of $100+
Posted on 3/28/13 at 3:34 pm to RickAstley
No. It isn't hard. Just sign a few papers, and you should be good.
Posted on 3/28/13 at 3:51 pm to Broke
I have been charged termination fees from Fidelity and TDAmeritrade, that I paid.
I then took the bills to Scott, who reimbursed me!
I then took the bills to Scott, who reimbursed me!
Posted on 3/28/13 at 3:53 pm to matthew25
quote:
I then took the bills to Scott, who reimbursed me!
That is what I like to hear
Posted on 3/28/13 at 7:28 pm to Chaplain
quote:Good choice especially if you are just starting out. Talk to Vanguard and make sure you aren't trying to deposit more than the max allowed. If you make your contribution before 4/15/13 then you can treat some of it as your contribution for 2012. I doubt that they will let you. That will leave you with more rooom to contribute for 2013.
I just opened a Target Date 2045 Fund ROTH IRA with Vanguard...I plan on putting $10,500 for myself and opening another for my wife with another $10,500.
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