Rollover IRA & Fidelity Backstory, I left my company about 2-3 weeks ago which had the 401k account with Fidelity. My new company has 401k with Empower. I was with my last company for about 6-7 years and had about 70k in the 401k account so I wanted to make sure I made the right decision. After doing quite a bit of research seems like most people do not like Empower so…

In the past 4 years, my Roth IRA has earned me a whopping 0.4%. Is this normal? I opened a Roth IRA with Valic in 2019 and have deposited the maximum every January – $6,000, except this year, I put $6,500 in since that is now the max, so altogether, over the past 4 years, I have put $24,500 into this thing. It currently sits at $24,605.33. When you open a Roth IRA with Valic, you can choose from about 100 different funds to…

Stopping payments to Roth IRA to save money now sounds like a bad idea right? So I’m putting $400 a month into my Roth IRA. I’m 30 btw. It’s my only investment right now. I make about $55k in a bigger city so my money doesn’t go far. Right now I’m going through a major life change. I’m buying a engagement ring, going to need to pay for a marriage, honeymoon, premarital counseling, etc. We are going to go very low budget …

Roth IRA or Roth 401k (if available)? I got a new job that I negotiated from $47k to $48.5k. Basically a $10k raise from my current job. Still waiting for information on the retirement plan but I will leave my current job with my 401k contributions and 25% vested funds (total around $3k). So I wanted to know in advance, should I move towards a Roth 401k option if my job has it or j…

Can my spouse contribute to the same spousal IRA now that she has started earning? In prior years, when my spouse was not earning, I created a spousal IRA account for her. That is, I created a fidelity account in her name, and then a spousal IRA account within it, and then I contributed the money. Now that she has her own income, can she put money in the same account, or do we have to open a new IRA account within her fidelity…

24 yr old, new to ROTH IRA Hi, guys! I’m still a college student and a part-time server. Recently, I opened up a ROTH IRA through Fidelity for their opening bonus (get $100 if deposit $50 or more). I was wondering what resources I should look into to make a smart choice on early investment? I’ve never touched investment before so this whole thing is new to me. Right now, …

Can I take money out of Roth Contributory IRA? So I know I’m someway this sounds stupid but I’m really looking for help. I have this Roth contributory IRA that was opened for me about 4 years ago. I forgot about it and haven’t touched it since then. When I opened it this morning it still had the same amount. Now here’s where it might get stupid. I want to take that money out to pay off some …

Roth IRA with a 70% pension? I am a public school teacher in a strong union state with a solid, generally well-funded pension. I just turned 30. As long as I complete 37 years of service (I will be 59, started teaching right out of college), I am set to receive 70% of my highest 3 years average salary for the rest of my life. I opened a Roth IRA 5 years ago when I was 25, b…

Am I doing this right? ROTH IRA I’m hoping I did this correctly. At the end of 2020 I opened a ROTH IRA I have contributed $300 a month since it opened. Any dividends are supposed to be reinvested. I invested on FIPFX Fidelity Freedom Index 2050 Fund. Since I opened the account my total gain is $574.41 or 4.67% for a total of $12,874 I know is not a lot invested so far but …

Simple IRA changing how much I contribute? Hi! So just started my first job and it offers a simple ira! First person ever in my family to thunk about retirement so came on here to ask can I change how much I contribute pretty easily in a simple ira? Let’s say I want to contribute 8% but then realize it’s too little or too much and want to change it is that possible or am I not allowed t…

ELI5 Backdoor Roth IRA Can someone explain to me if I should be doing a Backdoor Roth IRA each year and how I would go about doing that? I am 43 and have a 401K at work (I contribute close to the max each year and get full company match with a current 110K balance), an IRA at Fidelity (250K balance which was funded from the 401K balances of previous jobs), a taxable i…

IRS says I underestimated my income because of a Roth IRA withdrawal I received a letter from the IRS today (it’s definitely a real letter from them, not a scam) saying that I understated my income in 2021 because I withdrew money from my Roth IRA. I took $40k from my account for the down payment on my house. I’ve always been under the impression that there is no penalty for withdrawing from the principle balance…

401k/IRA vs other investments Hey all, long time listener, first time caller. 29F blessed to be in a healthy financial position. I realized that I have too much sitting around in a HYSA, way more than is needed as an emergency fund. Going forward, my plan is to increase my 401k contribution (not currently maxing it out, but getting the full employer match). Maxing out Roth …

401k and Roth IRA portfolio Hi All, I’m 24 year old making around 95k-100k, and i have around 100k in savings sitting in a HYSA. I have cash sitting as emergency fund for my family of 4 (parents and 16yr old sibling). We are a immigrant family so my parents moved here 4 yrs back so they don’t have much savings, Am I holding too much cash, please suggest? I don’t have any o…

Inherited IRA Help Please My father in law died in 2018, and left my husband an inherited IRA worth $200k. I understand that the rules have changed somewhat since he inherited it. Can someone 1) please explain the new rules 2) provides ideas on how to re-invest it. We already max out our 401k and Roth IRA. We also have 529s for our kids who will go to college (if they…

Where do you get a Roth IRA? I’ve been wanting to open a Roth IRA for a while but there are so many options and hard to figure out which ones are legit and which aren’t. Can I open one in the bank? Am I supposed to open one somewhere else? I’m so lost! TIA submitted by /u/mrmh2217

I just opened a Roth ira shortly after turning 21. What now? I was just about to transfer the max contribution to it, but I stopped the transfer as I would like to know a bit more about what im getting myself into. I also want to ask if maybe im better off keeping my money in a high yield savings account as the interest is higher than its been in years while there are fears of a stock crash soon ( though …

Questions involving the Roth IRA as a student! Hello! I am a current undergrad student (19M). I want to know if I should start a Roth IRA or continue to contribute a large sum of my income to a HYSA. And if I should start a Roth IRA I have some questions involving tax reports, since I am out of town and country often and would like to avoid more tax forms. Do i need to report/fill out extr…

What to do next with my Roth IRA I know I have some research to do, but I’m starting here just to get a sense of the direction to go in… I’m (25F) currently in grad school getting my doctorate in clinical psych so I can become a psychologist and do therapy + psych evaluations. Being a student, I’m really not doing that great financially right now – I have a part time job as a …

I need to buy a burial plot. Should I use savings or withdraw from my IRA? Hi, sadly I have terminal cancer and need to plan for the future. I am married and have two young kids. I am getting social security benefits that my kids will be able to keep getting until they are older. Anyway, the burial plot costs about 13-16K. We have about 20K cash savings in a high yield savings account. I don’t want to leave my family w…