Retirement / IRA (Not spam)

[BlueZero]

Hello Everyone! I need some help and don't know who to ask. So I figured, Ask MOL!

I stopped putting money into my IRA's a little over a year ago when I was laid off from a job. It's time to get things in order. I have two IRA's with two different companies. One is polite and helpful with not so great returns and the other has pretty good returns and not so great customer service. Plus they are under the companies name I used to work for. I want to get everything set up with the same place and under just my name.

So on to my question... Any one know of a good company? I would like to stay with one of the larger players. There is an endless list of companies. Is one better than the others? Any good tips?

Thanks in advance everyone!

[indigo s10]

Re: Retirement / IRA (Not spam)

Have you talked to your bank? My wife found out about an IRA for women(Woman's life) from our local bank. Had never heard of it until then. I know where I work, a lot of out financial stuff is through Fidelity.

[jfelbab]

Re: Retirement / IRA (Not spam)

You can roll over both of those IRA's into a mutual fund or two. Actually there are several mutual fund companies that will be able to do this for you. I chose to use Fidelity for some roll-overs and the funds I chose have done very, very well. Fidelity is a good firm and they have excellent services but choose whoever you like. Avoid mutual finds that charge a load. Be leery of many financial advisors who want to invest your money for you for a fee. No-load funds have done as well as, or better than, loaded funds.

[rkmah]

Re: Retirement / IRA (Not spam)

I agree, Fidelity is a good choice. I have had a few 401k's though them, a rollover, an IRA, a bunch of option accounts and a brokerage account. Their customer service is always polite and for the most part helpful. I tried to make a trade over the phone and the service rep actually told me to do it online to avoid a higer brokerage fee. I don't ever remember getting any calls from their sale/marketing department either.

[Deaner5]

Re: Retirement / IRA (Not spam)

I'm not going to add too much but just remember that there are two types of IRAs out there; Roth IRAs and Traditional IRAs. Both help with savings for retirement and have early withdrawal penalties.

But the Roth IRA is funded from after tax dollar (from say your bank account or just your paycheck but after taxes are taken out). With a Roth IRA you pay the taxes up front and interest and income earned are not taxed when taken out in the future (which makes a Roth better for us younger people who have a lot of time to let the money grow with minimal tax implications on the withdrawals).

Traditional IRAs are funded with pretax dollars (before taxes are taken out of your paycheck). Therefore come withdrawal time, taxes must be paid on the interest and the original funds making it more costly later (usually).

Usually in the investor books and such they make you take the tests about how risk averse you are and how many years to retirement and that will usually determine how a broker sets up your portfolio.

I'm not an expert on the subject of IRAs or early retirement in general, but as a recent Accounting and Finance graduate I know a little bit. The employers I have been with have both had Principal and I still have to rollover one of my 401Ks to my new employer. Remember that is your money so take it with you when you move jobs. Hope this helps and isn't too much to take in.

[TuffPoo]

Re: Retirement / IRA (Not spam)

I am a financial planner out here in California! I usually don't say this because I don't know your financial state etc. However I can recommend World Financial Group/World Group Securites I am not sure if they are out there where your at? Reason I recommend them is because they are a broker dealer meaning they can distribute out products based on your needs. For example Wells Fargo bank is not going to tell you to go to Washington mutual if Washington mutual will be a better fit for your needs get it? Also that company is regulated by the NASD & SPIC. Also the company that funds them is called Aegon they have about 400 Billion with a "B" in assets and own the Transamerica building. I know this because I use that company they showed me how to get my money to work for me. HOPE THAT HELPS!!!!!!!! you can PM me or anything you need!!

[BlueZero]

Re: Retirement / IRA (Not spam)

Thanks a ton for the help everyone.

This is something that I just don't know much about and will make a huge difference later in life. I have learned a ton so far.