I have a Roth IRA… and the .005% interest is crap.. do I tell the bank to invest it or what?..?
Hello 2 years ago, I set up a Roth IRA account. Well they take $100 out of my cheking every month and transfer it to my Roth IRA.
Well I now have $2600.. wait excuse me $2,603.54….
Am I suppose to go to an investment firm and tell them I have an IRA.. and have them take my money and invest it?.. can they even do that?
Am I suppose to tell chase bank to invest my money?… I dont know what the next step is?… im 23 years old.. and im ready to gamble and take some high risk action.. because the interest im earning is stupid
I just dont know who I authorize to do it
And one more thing.. I dont really want chase bank to invest it.. can I have another company do it.. like give them access to my account..
someone please explain.
Thank you
With the money you have you can open an account with one of the discount brokers. I use Scottrade. They charge $7 per trade. If you don’t know what you are doing, you can invest in an exchange traded fund like SPY (tracks the S&P 500) while you learn about how to invest.
If you want someone else to invest it for you, you will need to go to someone who will charge you a commission to do it. With a little bit of research, you don’t need to pay someone part of your retirement to do what you can do for yourself.
Congratulations are in order for starting out in your early 20′s. You will be thankful you did when you get older.
The brokerage firm you choose will provide you with the paperwork needed to transfer the money without the IRS getting its panties in a bunch.
Efficient Wealth Transfer Strategies