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Investment advice....

  • Michmania said...

    Would transfer your IRA money to the Roth.


    Agreed. The short term tax hit is more than paid off down the road. Taxes are likely only going higher from their current levels.

    SDWolverine

  • SDWolverine said...

    Again, I can't give advice, however the best things that I can say is to #1 educate yourself to the point that you do not have to pay someone for advice, unless you are going to hire a bada$$ portfolio manager that will kill it. #2 - Over a long time horizon, like you have, minimize expenses. Vanguard takes a lot of $hit but if you dollar cost average the fee deferential alone is 1-2% per year plus compounding.

    The FA is a friend of mine, she's mid-forties old though and a beast so she's no recent graduate making guesses. Good advice thanks.

    fsufsu ●

  • fsufsu said...

    Very aware of that. I am meeting with a financial advisor tomorrow with that as my #1 question.

    No investments are yielding high returns now. Six and 1/2 dozen, IMO. Without knowing exactly which funds they are in sounds like it's in an OK spot. Just don't cash it out. Worse thing you could ever do.

    Big A

  • fsufsu said...

    Very aware of that. I am meeting with a financial advisor tomorrow with that as my #1 question.

    Well, anything that you contributed to the fund is not taxed nor does it have a penalty. All additional earnings have a 10% penalty on top of being taxed. It's going to be a relatively large chunk depending on how much you made off of your contributions.

    I wouldn't even entertain the thought. It's like throwing money away.

    getmyjive11

  • getmyjive11 said...

    Well, anything that you contributed to the fund is not taxed nor does it have a penalty. All additional earnings have a 10% penalty on top of being taxed. It's going to be a relatively large chunk depending on how much you made off of your contributions.

    I wouldn't even entertain the thought. It's like throwing money away.

    If he cashes out an IRA early he will have tax obligations and almost certainly penalty fees.

    Big A

  • Big A said...

    If he cashes out an IRA early he will have tax obligations and almost certainly penalty fees.

    I didn't think that included contributions that you made to that account, but I haven't looked at this stuff in years, so you may be right! Either way, it's still one of the dumbest things that you could do.

    getmyjive11

  • getmyjive11 said...

    Well, anything that you contributed to the fund is not taxed nor does it have a penalty. All additional earnings have a 10% penalty on top of being taxed. It's going to be a relatively large chunk depending on how much you made off of your contributions.

    I wouldn't even entertain the thought. It's like throwing money away.

    That's a traditional IRA right?

    fsufsu ●

  • At 26

    1. Max out a Roth
    2. Buy blue chip stocks on sale that pay a high dividend

    Jagstyle

  • fsufsu said...

    That's a traditional IRA right?

    Yes. For a Roth you are going to hit the 10% penalty regardless PLUS you will get taxed at your current income tax rate. I don't know how much you make a year, but even if you are in the 2nd lowest bracket (15%) you are still paying the government 25% of your withdraw. That's why it is such a horrible decision.

    getmyjive11

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