Retirment accounts?

Willc

Well-Known Member
Joined
Mar 31, 2005
Location
Shelby
My former employer wants me move my money out their account. I am now self employed. Can anyone suggest what kind of account to move my money to. Or can suggest a place to handle this for me.

Thanks
 
I would be very happy if you moved it to my account.

Other than that I have nothing to add.
 
We have ours in a Annuity Account and I am very happy with it so far.
 
Vanguard S&P 500 Index Fund

Just make sure that you transfer it from one retirement account to another... you don't want to withdraw it then deposit it into an account. You'll end up paying income taxes on it that way.
 
I assume you are talking about a 401k account? If so, you could move it to an IRA account. That is what I did when I left the previous company I worked for about 10 ys ago. I went through BB&T investments at the time. About a year or two ago I moved the IRA from them to Wells Fargo Advisors to have all my retirement accounts under one roof.

Shoot EdJonesJeeper a pm. He might be able to help you out, or at least give you some good advice.
 
shawn said:
Vanguard S&P 500 Index Fund

Just make sure that you transfer it from one retirement account to another... you don't want to withdraw it then deposit it into an account. You'll end up paying income taxes on it that way.
Click to expand...

drkelly said:
I assume you are talking about a 401k account? If so, you could move it to an IRA account. That is what I did when I left the previous company I worked for about 10 ys ago. I went through BB&T investments at the time. About a year or two ago I moved the IRA from them to Wells Fargo Advisors to have all my retirement accounts under one roof.

Shoot EdJonesJeeper a pm. He might be able to help you out, or at least give you some good advice.
Click to expand...

Agree with these guys. If you take pocession of the money at ANY point, you have made a withdrawl and are therefore liable for the penalty and taxes. Was this a traditional 401(k) or a Roth 401(k) (or it could have been a 403(b) if you were in a non profit)? Moving the money into an IRA will be the easiest; however, like Shawn said a good mutual fund will give you more returns in the long run.
 
You can do it all online at fidelity.com. Never take possession of the money or you'll get slammed with penalties

Edit: If you have any uncertainty or questions call a rep of your old 401k or where you are transferring it to. Do not wait, as they can close it and mail you the balance minus penalties, fees and taxes.
 
All good advice, & nothing wrong with Company's like Vanguard, & Edward Jones. But, as Banks, they lead you to THEIR products, which Can be, more profitable for them. I would suggest an Independent Financial Advisor. They can sell any investments, & tend to pick out the best. All, will assist you with your goals, as to short/long term, risk, & retirement. Be happy to refer my advisor. LONGGGG list of credentials, handles many of the big wigs in Mt.Holly/Belmont, & other places. He will travel to you, if needed!
 
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