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Originally Posted by Renegade
I have been sitting on an old 401K for a company I no longer work for. I left that money untouched for the past 8 years. It has almost doubled in value during that time.
I am really considering taking that money and transferring it to a Robinhood Gold IRA. They are doing a 3% match through the end of April if you sign up for the Gold (must keep Gold for 1 year $5 per month fee) I am well outside of the 5 year agreement for the IRA they require before penalty for early withdraw. I am figuring 7-9 years before Retirement.
I know very little about Robinhood. My current 401K is with Voya, and the fees are less than 1.5% annual. I would have to rollover to a traditional IRA as 98% of my 401K was before tax.
Is Robinhood any good for just setting up an IRA and not "investing" with it?
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At the old company, what is the real yearly return on that investment? How is that obtained (Annuity/Company stock/Mutual funds)? If its in the old company stock, if its in the old company stock your are betting on their profitability for your investment returns.
What do they charge you to manage that money or is it free? You CAN roll this over to a Roth ira but you will pay taxes on it in the year you do so. A tax advisor can help you through that. Remember you are required to take withdrawals from your IRA at 72 so you dont have to do that at 65
So many options sp its good to start thinking about it now, but understand that a CFP has a responsibility to his client on advice and disclosures whereas a "broker" is under a different standard
Its your money and that is power