The Motley Fool Discussion Boards
Investing/Strategies / Retirement Investing
|Subject: Re: Mechanics of Investing in IRAs||Date: 5/24/2001 11:34 PM|
|Author: phooley||Number: 29905 of 81988|
As long as the money is still in the associated cash account (i.e., money market) and not already in the IRA, you can do whatever you want with it.
I don't think many people would agree with that statement
why not? are you saying I can't do whatever I want with the money I have in a brokerage's money market acct or am I missing something? please explain.
You probably just mis-read this part of the original post, which said:
I've set up a regular brokerage account as well as a Roth IRA atYour statement would have been OK, if the money were actually just in a MMA, but it isn't -- it's evidently in a MMA, but it's already in the Roth IRA. Two points:
(1) susana901 is free to transfer the funds to a Roth IRA account at another firm, whether the funds are sitting in a MMA or have been invested in stocks, mutual funds, etc. (Commissions and fees could be a problem in the non-MMA case, but there's no prohibition against moving the funds to another firm.)
(2) Since the money is in a Roth IRA, it's important to either leave it at etrade or move it to a Roth IRA elsewhere, if susana901 wants to be able to contribute the maximum of $2,000 for the year -- in other words, susana901 can't just "do whatever" with the funds.
As I say, you just probably mis-read that part of the original post.
Phooley in Phoenix
|Copyright 1996-2017 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|