|
02-29-2024, 04:17 PM | #16 |
Politically Incorrect
Join Date: Feb 2009
Location: Scottsdale, AZ
|
|
Posts: 51,072
|
02-29-2024, 04:38 PM | #17 |
In Search of a Life
Join Date: Jan 2016
|
|
Posts: 27,045
|
02-29-2024, 05:10 PM | #18 |
NFL's #1 Ermines Fan
Join Date: Jul 2001
Location: My house
|
I'm no expert on Robinhood, but I'll echo the comments that you can just move the money without worrying about timing. Rolling over an IRA from a past employer can be done at any time without penalty. Just be sure that you roll it over into the same type of account (i.e., Roth or Traditional).
Then invest it into some kind of equities, whether it's an ETF, target date fund, or individual stocks. If it's in a particular type of investment now, you can sometimes transfer the holdings without liquidating them into cash, and that's convenient. It kind of depends on who you're moving it from/to. |
Posts: 141,881
|
02-29-2024, 05:25 PM | #19 |
2 Legit 2 Colquitt
Join Date: Sep 2010
|
I would ask a professional. You could end up with a sizable tax liability depending on the type of IRA and how transfer is handled. Good luck.
|
Posts: 4,732
|
02-29-2024, 06:22 PM | #20 | |
Regular
Join Date: Aug 2000
Location: Springfield,MO
|
Quote:
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 |
|
Posts: 1,420
|
02-29-2024, 06:40 PM | #21 |
GDT Contributor
Join Date: Sep 2018
Location: *
|
I’m a CFP professional…ping me I’ll answer your questions if you want.
|
Posts: 8,213
|
02-29-2024, 07:26 PM | #22 | |
Supporter
Join Date: Apr 2007
Location: Scott City KS
|
Quote:
I don’t know how it works but apparently Robinhood gets some sort benefit for throughput or assets under management or something. That’s how they can “afford” the match. |
|
Posts: 57,040
|
02-29-2024, 07:30 PM | #23 |
Supporter
Join Date: Nov 2005
Location: Peoples Republic of CoMo
|
No advice but I just checked my retirement countdown clock and saw 7 months and 18 days. Brought a slight smirk to my face.
|
Posts: 4,340
|
2 0 |
02-29-2024, 07:31 PM | #24 | |
Supporter
Join Date: Apr 2007
Location: Scott City KS
|
Quote:
As far as I know they’re 0 fee and if you’re buying and holding ETFs you won’t run into any of the trading stuff. And even if you do if you’re not doing any highly volatile meme stocks I wouldn’t worry about it. It’s 100% self directed though. You’re not getting any advice. |
|
Posts: 57,040
|
1 0 |
02-29-2024, 07:45 PM | #25 |
MVP
Join Date: Oct 2011
Location: Michigan
|
I think its best use could be for casual traders and for investing cash. It's got a 5% APY on cash investments. Even better savings accounts only get 4.0-4.3%. If you're just holding some funds to do some stock trading on your own, I think it's a nice little thing. Not sure that much of the rest of it is overly advantageous.
|
Posts: 12,689
|
02-29-2024, 07:50 PM | #26 |
Emporer of Mongo
Join Date: Apr 2010
Location: Milky Way
|
Charles Schwab just bought TdAmeritrade and the software called ThinkOrSwim
I personally love it and would recommend checking it out...been using ToS for years. A+ (if you use think or swim, it's self directed) so you can open a schwab account and get think or swim free now) |
Posts: 44,497
|
1 0 |
02-29-2024, 08:45 PM | #27 |
Has a particular set of skills
Join Date: Dec 2003
Location: On the water
|
I turned 65 and the social security office sent me a list of 3 profit sharing plans that I have money in that I’ve not done anything with in over a decade.
I had no idea. Totally forgot about them. Not chump change. $25K/$9K/$700 Only found the contact so far for the $700 one. |
Posts: 79,344
|
02-29-2024, 08:57 PM | #28 |
Starter
Join Date: Oct 2017
|
As others have stated,
1) You can roll 100% of a 401K to an IRA with zero penalty. I’ve done it multiple times. 2) Get competent advice from a legit investment advisor that works with investors of assets your size. This Robinhood deal sounds like bullshit to me. Most of my money is in Fidelity but managed by Goldman Sachs. Personally my wife and I both work in finance and are smart but we use a good financial advisor that has set a good plan for us. You should do the same. |
Posts: 427
|
03-01-2024, 10:32 AM | #29 |
Fish are scared of me
Join Date: Nov 2001
|
NVDA back on track Rainman , up $30 but I expect a huge drop now that I post this
Currently 819.50 |
Posts: 40,495
|
03-01-2024, 12:29 PM | #30 | |
Politically Incorrect
Join Date: Feb 2009
Location: Scottsdale, AZ
|
Quote:
Had a bad experience with Schwab but many people love them. |
|
Posts: 51,072
|
1 0 |
|
|