SInce I do not currently work I want to take what little I have in my 401k and put it into something that will grow faster, like an IRA. I only have 3800$ since I didnt contribute until the last year I worked. I would like to grow that money quicker so I can pay for my future because I am 33 and want to be set by the age of 55. Is that dream resonable? I do plan to add to my plan by the way. When I have a little to invest I will add it.......
2007-07-18 01:25:23 · 7 answers · asked by steffiebqueen 1 in Business & Finance ➔ Personal Finance
Diversified has terrible funds (my wife's with them).
When I left work I transerred my entire 401K to Charles Schwab, Inc..... I have a lot of choices and "help" when I need it.
Other good choices would include;
Vanguard
Fidelity
T. Rowe Price.
If you're looking for an "easy/quick" answer (for an investment choice for $3800), I'd suggest;
Vanguard's S&P500 Index Fund or
T. Rowe Prices "Retirement" target funds. (great Asset Allocation).
2007-07-18 01:56:51 · answer #1 · answered by Common Sense 7 · 1⤊ 0⤋
Call Diversified, Depending and speak to one of their financial advisers. Every company has a little bit different policy on your current account, some will want you to take care of accounts with less then $5,000 right away. If your investment company offers IRA's, find out what the terms are for that product. and then decided what to roll it into.
Another think you can do is find out if you bank has an IRA product (most do) and roll your 401K to the bank's IRA instead. BUT I would call and speak to one of Diversified advisers first and foremost!!
2007-07-18 01:38:43 · answer #2 · answered by emmi904 2 · 0⤊ 0⤋
I agree with hirebookkeeper. I have done this several times in the past - called rollover. Call your 401K sponsor and get the appropriate paperwork. You will also need to decide on the IRA company/investment so you can have the funds transferred. It is rather easy. Good luck.
2007-07-18 01:57:24 · answer #3 · answered by Casey J 2 · 0⤊ 0⤋
it seems you have an excellent variety of individuals with differing innovations of diversifying your 401k. listed right here are some issues to remember while diversifying your 401k the industry has a tendency to run in cycles, meaning that generally specific investment would be greater favorable than others. the objective of having a distinctive portfolio is to have exposure to quite a few categories so as that when one investment is down the different is up. usual in the long term your investment as an entire would have a smoother holiday and beneficial returns. some primary features of inventory money are the smaller the cap length the greater threat and boost varieties are greater volatile than fee varieties. Bonds are frequently safer than shares. you have been advised you have room for blunders due on your age, what that somewhat means is you have time to take greater threat as stated with the help of assorted the others. many times the greater threat you're taking the greater skill for returns. without getting too a lot greater into element it somewhat is how i'd advise allocating your portfolio. 20% H&W super Cap fee 15% Marsico boost 15% Artisan Small Cap fee 10% MS Small company boost 30% MFS international fairness 10% Pimco complete return Bond fund this would provide you a portfolio this is variety of ninety% inventory and 10% bond. as quickly as you're delicate with this and prefer to be greater aggressive you may circulate some far flung from the bond to greater shares. ultimately you will prefer to get greater bonds on your portfolio once you get closer to retirement. one greater element after a year or so which you will prefer to revisit your allocation and rebalance to the above %. this would save your portfolio from growing to be out of stability and starting to be greater riskier than meant. reason being is that your small caps or international holdings would strengthen swifter than your different holdings, making you greater heavily weighted in those sectors. Congratulations on being to blame and you may a minimum of make a contribution the minimum necessary to get each and every of the corporate tournament!
2016-09-30 06:08:02 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Yes, it will be called a Rollover IRA. There are retirement financial calculators online to calculate how much you need to invest to achieve a certain dollar amt by a certain age.
Realistically, $3800.00 will not grow enough to have you be set at 55. You will have to invest a lot more annually.
2007-07-18 01:35:49 · answer #5 · answered by hirebookkeeper 6 · 1⤊ 0⤋
yes, it is a rollover ira. all you need to do is contact the mutual fund company who you wish to have your ira with and tell them you want to do a rollover ira. they will send you the necessary paperwork and guide you through the process...dont worry about it...i did the same through vanguard and they did it all for me
2007-07-18 02:58:46 · answer #6 · answered by zioncanyon 3 · 0⤊ 0⤋
Yes. Of course.
2007-07-18 01:29:16 · answer #7 · answered by Anonymous · 0⤊ 0⤋