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IRA Advice
Posted on 11/2/23 at 10:21 am
Posted on 11/2/23 at 10:21 am
I have a traditional IRA languishing in my credit union. Approximately $30K. Don't have a need to touch it for probably 10 years. I don't mind some risk, but where it is its basically doing nothing.
What are my options to move it to a higher yield? I've done some research but after a while it all seems like Chinese arithmetic to me.
What are my options to move it to a higher yield? I've done some research but after a while it all seems like Chinese arithmetic to me.
3
Posted on 11/2/23 at 11:14 am to eatpie
Open new IRA with a low cost broker (Fidelity, Vanguard, Schwab). Fidelity offers new account bonuses dont know if others do at moment.
Request a "trustee to trustee transfer.". New brokerage should be able to help and refund any transfer fees.
If you dont mind the market risk, a low expense ratio total market or S&P 500 index fund might be a good thing to consider.
If its been stagnating with little growth you may consider converting to Roth IRA and pay the tax due on the small growth accrued.
Request a "trustee to trustee transfer.". New brokerage should be able to help and refund any transfer fees.
If you dont mind the market risk, a low expense ratio total market or S&P 500 index fund might be a good thing to consider.
If its been stagnating with little growth you may consider converting to Roth IRA and pay the tax due on the small growth accrued.
Posted on 11/2/23 at 12:46 pm to eatpie
I'm moving mine to a MM type interest bearing account for the time being.
It's been dead flat. I wish I would have done it earlier.
It's been dead flat. I wish I would have done it earlier.
Posted on 11/2/23 at 10:04 pm to eatpie
quote:
What are my options to move it to a higher yield? I've done some research but after a while it all seems like Chinese arithmetic to me.
Statements like this is why Target Date Retirement Funds are popular.
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