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Old 08-22-2018, 11:28 PM   #1
mharris1
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Default Who to use for an IRA?

I have a 401k I need to roll over in to something. Is an ira my best bet? If so, who are you using?
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Old 08-22-2018, 11:56 PM   #2
Hooverfb
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I like Vanguard. But if you're asking if an ira is your best bet, you should probably go find a financial advisor first.
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Old 08-23-2018, 12:02 AM   #3
Olphart
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Talk to your bank's financial investment whiz kid......but be aware that a traditional IRA sucks as you will have to pay taxes on EVERYTHING you withdraw (not just interest earned). I chose a Roth IRA for putting a relatively small amount away and will only pay tax on the interest (since I already paid tax on the principle).

If your 401k is pre-tax savings, you'll pay tax on it all as you withdraw. Bank IRAs ain't paying squat, but other options aren't paying much better.
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Old 08-23-2018, 12:13 AM   #4
JustinJ
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Default Who to use for an IRA?

Quote:
Originally Posted by Olphart View Post
Talk to your bank's financial investment whiz kid......but be aware that a traditional IRA sucks as you will have to pay taxes on EVERYTHING you withdraw (not just interest earned). I chose a Roth IRA for putting a relatively small amount away and will only pay tax on the interest (since I already paid tax on the principle).

If your 401k is pre-tax savings, you'll pay tax on it all as you withdraw. Bank IRAs ain't paying squat, but other options aren't paying much better.


I’m confused by your post. You shouldn’t pay taxes on withdrawals on a Roth IRA. That’s the whole point. If you paid taxes on the “interest” it would be no different than a run of the mill investment.

To the OP. I use Wealthfront. Very easy and they’ll invest in different funds depending on your risk tolerance. Very low fees. Whether an IRA, either traditional or Roth, is your best bet, I can’t answer.
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Old 08-23-2018, 01:13 AM   #5
Jbird8791
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[/B][/B]
Quote:
Originally Posted by Olphart View Post
Talk to your bank's financial investment whiz kid......but be aware that a traditional IRA sucks as you will have to pay taxes on EVERYTHING you withdraw (not just interest earned). I chose a Roth IRA for putting a relatively small amount away and will only pay tax on the interest (since I already paid tax on the principle).

If your 401k is pre-tax savings, you'll pay tax on it all as you withdraw. Bank IRAs ain't paying squat, but other options aren't paying much better.
This is wrong. A ROTH is pre-taxed (you paid taxes on the income at your current tax rate) so that you can avoid the taxes later. A ROTH is great if you think you’ll be in a higher tax bracket when you retire or are able to start withdrawals. A traditional IRA allows you to take a tax break up front (therefore you are putting more money in ((the tax savings)). The more money in can help in growing stock markets like we’ve seen recently, however if your in a higher tax bracket later in life (taxes have traditional increased anyway) you will pay more when taking money out of your account. With you asking this question you need an advisor most likely. You could roll it over in to an ira in, e-trade or Scotttrade account and diversify by way of mutual funds and let professionals trade stocks for you. Those professionals get theirs of course. A great intro to start with would be American Funds, they have low fees for a great track record.

I’m not proof Reading this so if spelling and punc. is off, sorry.

Last edited by Jbird8791; 08-23-2018 at 01:23 AM.
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Old 08-23-2018, 11:27 AM   #6
fullsizeaggie
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Edward Jones.
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Old 08-23-2018, 11:35 AM   #7
coachk
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I have a Roth IRA through vanguard...no complaints
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Old 08-23-2018, 11:40 AM   #8
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What ever you do, use your bank. They will probably do it for free.
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Old 08-23-2018, 11:50 AM   #9
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Get a financial advisor, but whoever you choose make sure you feel comfortable with them and they explain to you the process and what your investments will go into. You may still not understand but at least he took the time to try and teach you.
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Old 08-23-2018, 11:53 AM   #10
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Quote:
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What ever you do, use your bank. They will probably do it for free.
No one works for free. You might just not see the cost.
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Old 08-23-2018, 11:55 AM   #11
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Who is managing your 401k may want to start by making with them. I'm guessing it's either Vangaurd or Fidelity. They will have investment strategies for you depending on your age and other factors
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Old 08-23-2018, 12:02 PM   #12
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Quote:
Originally Posted by coachk View Post
I have a Roth IRA through vanguard...no complaints
x 2 here
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Old 08-23-2018, 12:06 PM   #13
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Vanguard has been good to me. If I ever found an investment advisor who was worth his salt, I'd move. But I've been looking a long time and haven't found one.
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Old 08-23-2018, 12:06 PM   #14
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Most of the advice on these kinds of threads is really bad. Some of it is good. It's illegal for licensed advisors to give advice on the internet, so the replies you get on these threads is from people who aren't professionals. Some of them have done lots of homework and have a decent handle on it. If you can't tell the difference, you probably need to find a good financial advisor. Ask your friends and family in your town who they use. Talk to a couple advisors that come recommended to you and find one that you get along with well who will answer all your questions and explain everything well for you. Bad investment decisions can cost a LOT more than professional guidance.

Or, if you'd rather do it yourself without an advisor, you can do that as well. But read lots of books and educate yourself really well before getting started. Whatever you do, don't follow random internet advice. Most of it is bad.
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Old 08-23-2018, 12:09 PM   #15
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Quote:
Originally Posted by fullsizeaggie View Post
Edward Jones.
X2

I am happy with my experience with Edward Jones since moving a 401k account from a previous employer to an IRA with them.
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Old 08-23-2018, 12:11 PM   #16
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Quote:
Originally Posted by Olphart View Post
Talk to your bank's financial investment whiz kid......but be aware that a traditional IRA sucks as you will have to pay taxes on EVERYTHING you withdraw (not just interest earned). I chose a Roth IRA for putting a relatively small amount away and will only pay tax on the interest (since I already paid tax on the principle).

If your 401k is pre-tax savings, you'll pay tax on it all as you withdraw. Bank IRAs ain't paying squat, but other options aren't paying much better.
There is so much wrong with this post.

Traditional IRA sucks? Ya compounding returns on pretax contributions are awful....no.

You have to pay taxes on everything you withdraw? Also not true.

Roth IRA you only pay tax on the interest? Also not true.

Principle? You mean principal

Bank IRAs aren't paying squat? Are you investing your IRA in a cash instrument or what? If so, why?

Other options aren't paying better than Bank IRAs? Have you checked stock market returns lately?
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Old 08-23-2018, 12:11 PM   #17
gingib
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max out Roth IRA first
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Old 08-23-2018, 12:13 PM   #18
Throwin' Darts
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Quote:
Originally Posted by Walker View Post
What ever you do, use your bank. They will probably do it for free.
This is not true at all. In fact, you will probably pay more at your bank vs a shop like Vanguard or Fidelity. You'll also probably have the bank's proprietary investments to choose from and those are definitely not free in any way, shape or form.
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Old 08-23-2018, 12:14 PM   #19
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I would see an advisor

Also don’t let them talk you into putting your money into something they themselves do not put their own money into...
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Old 08-23-2018, 12:19 PM   #20
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Quote:
Originally Posted by Throwin' Darts View Post
This is not true at all. In fact, you will probably pay more at your bank vs a shop like Vanguard or Fidelity. You'll also probably have the bank's proprietary investments to choose from and those are definitely not free in any way, shape or form.
Time to switch banks then.
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Old 08-23-2018, 12:25 PM   #21
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About 13 years ago I subscribed to The Independent Adviser for Vanguard Investors. Dan Weiner has 4 different model portfolios he suggest for long term growth depending on your age and risk tolerance. His philosophy is buy the manager not the fund. I studied a lot before making a decision on which mutual funds to invest in. At our age we went with the Income Model he suggest and have done very well.

https://adviseronline.investorplace.com/

My wife rolled her 401K over in 2005 and has more than tripled her money. I rolled mine over in 2011 and am averaging a 9.9% return.

As stated by others above though, if you're unsure, hire a professional.
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Old 08-23-2018, 12:46 PM   #22
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Fidelity. Lots of mutual funds to choose from

Sent from my MotoG3 using Tapatalk
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Old 08-23-2018, 03:10 PM   #23
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Fidelity. Lots of mutual funds to choose from

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I also use Fidelity and they have locations(at least in Houston) you can walk into and discuss any issues you have. If you then wish to do more with them then they will have everything you need to do a 529 plan, open a brokers account, make withdrawals etc. I have done well with them.

Ranchdog
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Old 08-23-2018, 03:42 PM   #24
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Whoever you choose be sure and ask the financial advisor of he will have a fudicitary intrest or responsibility in your account. This means he will put your interest before his earnings when he makes investments. If he says no or himhaws around, go somewhere else.
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Old 08-23-2018, 04:09 PM   #25
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I suggest you stay away from big institutions like Ameriprise, Prudential, etc. We went with a local Dave Ramsey financial adviser and have been very satisfied. We're both retired now but needed to make changes to our 401Ks and IRAs to meet our needs in retirement. We found our adviser through family and friends recommendations.
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Old 08-23-2018, 04:11 PM   #26
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I would never use the bank except for a last resort.
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Old 08-23-2018, 04:18 PM   #27
Throwin' Darts
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Quote:
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Time to switch banks then.
No thanks. I use my bank for banking. I use Vanguard for my investments. Works for me.
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Old 08-23-2018, 04:24 PM   #28
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I guess my account is different from you guys. I have a selection of funds including vanguard and fidelity funds to choose from and an online access where I can adjust what funds I want and how much of each. I dont use an advisor. A little homework and a lot of performance history and common sense go into my choices.
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Old 08-23-2018, 04:43 PM   #29
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Wealthfront has been good for mine.
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Old 08-23-2018, 04:51 PM   #30
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Vanguard
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Old 08-23-2018, 05:40 PM   #31
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Quote:
Originally Posted by Walker View Post
I guess my account is different from you guys. I have a selection of funds including vanguard and fidelity funds to choose from and an online access where I can adjust what funds I want and how much of each. I dont use an advisor. A little homework and a lot of performance history and common sense go into my choices.

Why go through your bank then instead of directly through Fidelity or Vanguard?
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Old 08-23-2018, 07:43 PM   #32
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I use Fidelity and you can do pretty much anything you want after you are more seasoned.
They can guide you where to place your money when you are first contributing. Your regular contributions are the most important thing in the beginning. If you are young and trying to lower your taxable income research a HSA it has a lot of benefits.
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