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IRA fees



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After resigning from work I need to roll my retirement account into an IRA or take the 30 % hit and cash out. My DH wants the cash and i want the IRA. I am wandering what to expect on fees for an IRA?

Jun 11, 2012 - 09:48 am
N+T
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You should contact someone at Charles Schwab of Fidelity, they can give you all the information you need to convince your DH that giving 30% to the government is not a good financial decision. 
 
 

Jun 11, 2012 - 09:53 am
TexINS
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Cashing it out is CRAZY unless you have some disaster pending and have to. 30% loss in fees is like taking a match and lighting your hard earned money on fire. You can roll it into a self directed IRA, meaning you manage it, Ameritrade, etc, and there are no fees at all. OR you can go with an institution that manages it for you. Some have fairly inexpensive fee, say 100 bucks a year. And some have a percentage of balance fees..I'd do self directed IRA and SAVE and perserve what you have..

Jun 11, 2012 - 09:56 am
TheTruthHurts
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Are IRA contributions before tax? So, if i am not working I wont be able to contribute till I go back to work? I wander if my husband could contribute from his paycheck before tax is taken out.

Jun 11, 2012 - 10:11 am
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Why on earth would you forfeit 30% of your money?


Jun 11, 2012 - 10:11 am
mm4731
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@TheTruthHurts. Is Ameritrade FDIC insured, I now a lot of brokers are not.

Jun 11, 2012 - 10:22 am
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@N+T IRA contributions are after tax. You can have an IRA account even if you are not working. You can contribute up to $5k per year. As a houshould you can contribute up to 10k (if you both have an individual account).
 
You can check on each companies website to see if they are insured. If you orsomeone in your family was in the military, USAA can manage your IRA for you.
 

 

Jun 11, 2012 - 10:44 am
TexINS
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After resigning from work I need to roll my retirement account into an IRA or take the 30 % hit and cash out. My DH wants the cash and i want the IRA. I am wandering what to expect on fees for an IRA?


@N+T:   Roll it over into an IRA.  If you cash it out, you'll end up spending it.



Jun 11, 2012 - 11:21 am
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If you cash out an IRA or withdraw from a 401k account before you are age 60, they nail you for a 10% penalty.  Then they normally take 20% for income tax.

Jun 11, 2012 - 11:23 am
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to be honest I think you should cash it out, after all 30% isnt that much, just dont forget to add minus another 10% for me for the great advice

Jun 11, 2012 - 11:32 am
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