Where is the best place to store $28,000 of retirement money? I am 35 years old.?

Question

I am changing juobs and need to move my money to a IRA or something, any suggestions to start looking at?

I currently have a Roth at the moment with about $1000 in it also. Is it possible to move the money to a Roth or will I have to settle on the taxes now?

Answer 1

I'm guessing this $28,000 is coming from a retirement plan such as a 401(k)? If so, you can roll it over into a Traditional IRA and then 12 months later, you can roll it over again into a Roth IRA. You can't roll over a 401(k) into a Roth IRA yet. But in 2010 and after, you can.

If this $28,000 is not coming from any qualified retirement plan, then you can only put in $4000 into your Roth IRA and with the rest, I recommend put it into money markets or CDs or open an online savings account such as EmigrantDirect or INGDirect.

Answer 2

Hi, you don't have to move the money if it's doing well or paying a good interest rate.
Is it in a 401K with investment options.
To save tax, you can move it to a traditional IRA or Annuity.
All mutual fund companies can help you with it.
You can even do it with an online stock broker like TDAmeritrade.
Open an IRA with TDA and you can buy mutual funds of stock.
For mutual funds, you can do your research with morningstar.com or yahoo.com.
Buying stocks are a bit stressful if you don't like risk of losing money.
However, since your's 35 and it's for your retirement, you should put some of the money in stocks.
The rule of thumb is put the percentage of your age in fix interest investments like CD, money market, savings, or bonds.
The rest should be in stocks.
If you do it with a mutual fund company like Janus, Vanguard, or T. Rowe Price, put 35% in money market and 65% in stocks. Go with a no-load mutual fund company.
Of the 65%, put 25% in emerging market fund, 20% in european fund, and 20% in S&P index fund (US).
I would put more in emerging market because that's where the growth will be.
You don't need to invest in gold, commodity, or metal because emerging market fund consist of it mostly.
Good Luck!

Answer 3

Find out if your new employer has a 401 or some kind of retirement account that they contribute to.

If you're in a 401 now, chances are you have unlimited amount of time to move it.

I just checked with my account, I switched jobs also, they said if you have over $5000 in the account there is no time limit to move it.

It would be wise to talk to their representative and get info.

as far as taxes, you probably won't have any if you roll it over into another account, till you retire and take it out.

or you could give it to me, and I'll put it somewhere safe.

LOL

Answer 4

Look into a "target retirement fund" perhaps. These are available at Vanguard and Fidelity, to name two companies.

Answer 5

Go to your Bank and ask to speak to the Investment Rep. Its free and you can get great advice. You have soo many choices and that amount can bring you great returns.

Answer 6

in the middle of your bed mattress