UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev | Next
Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75379  
Subject: Re: Rearranging 2 IRAs and a SEP IRA Date: 2/24/1999 4:45 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Greetings, Shawny, and welcome. You asked:
Hello All!

<< I was thinking of rolling my SEP into a Roth, but Putnam said once I did this, since it was a conversion account, I could not add anymore $$ to it, that in order to add $$ to a Roth, I would have to open up yet another one strictly for investing. Would it be better to just take my SEP money out of Putnam, take the hit to liquidating the SEP, and invest it in a Roth that I then could actually put money into?>>

Putnam is way behind the times. There is absolutely no legal reason that conversion money and annual contribution money must be kept in separate Roth IRA accounts. If Putnam doesn't want to budge on this issue, then you should look to move your account elsewhere to a custodian that's more accommodating,

<<I've read here that some people do actual trading and exchanging of stocks, using Fool 4, etc. in the Roth's, how is that possible, where did they go to set them up?>>

You may set up a self-directed Roth IRA with any broker. Just select one of your choice and tell that agency you wish to do so. They'll help you with the transfer of money from your SEP to get it established. Once the money is in the account, you may trade in individual securities like stocks and bonds to your heart's content.

Regards…..Pixy

Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev | Next

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Post of the Day:
Value Hounds

Mylan Transitioning from Generics
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
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.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! 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.
Advertisement