No. of Recommendations: 0
Greetings, Foolomon, and welcome.

<<Should I rollover my existing IRA into this new IRA account or should I withdraw the money, take the tax hit, and invest it in exactly the same way but not in an IRA account?

The advantage of the latter is liquidity - I can cash it in at any time. However, I pay the penalty (literally). It would seem that I should roll-it-over, but I wanted the opinions of everyone here first.>>

Taxpro gave you a great answer. I also see no reason for you to cash in the accounts and be hit with the taxes and penalty. And you may be better off in a Roth, but that ain't necessarily so. It takes careful analysis to see if you will. Why not visit and read some of the excellent articles available there on Roth IRA conversions? You may find them of use, and they'll definitely give you something to think about before you make that leap.

Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.