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Author: twogr8ize Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75340  
Subject: Retirement investing Date: 1/16/2000 8:16 AM
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I'm in my 30's and just started a new job. I have a SEP IRA where I am now, but I also have 2 other retirement plans. My previous employer closed up shop, so I rolled my 401K $$ from them into an IRA at my local bank and my pension plan $$ into a separate one also at the same bank. They didn't advise combining them, or maybe I couldn't??? Is it wise to have 3 separate retirement plans all at the same place?? I'm not very good at this investing stuff and have no idea if these plans are making the kind of money I want them to. Any ideas??
Karrie
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Author: rjm1 Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 17871 of 75340
Subject: Re: Retirement investing Date: 1/16/2000 10:20 AM
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I'm in my 30's and just started a new job. I have a SEP IRA where I am now, but I also have 2 other retirement plans.
My previous employer closed up shop, so I rolled my 401K $$ from them into an IRA at my local bank and my
pension plan $$ into a separate one also at the same bank. They didn't advise combining them, or maybe I couldn't???
Is it wise to have 3 separate retirement plans all at the same place?? I'm not very good at this investing stuff and have
no idea if these plans are making the kind of money I want them to. Any ideas??
Karrie


The word bank implies poor investment performance to me. Now this does not have to be true in every case but I think you should look for a fee only financial planner for a little help. Looks like you need a little guidence to get you started.

You have to be invested in equities - stock or mutual funds investing in stocks for retirement. In the past banks did not have these investments. If yours does, the fees and charges are probably higher than you need to pay.

If you want to do this on your own, and you can if you do your home work, look to a large mutual fund such as Vanguard to get started. Think about indexed funds.

The number of planes is not a problem. Depending on what you want to do in the future it was best not to combine the 401k with another plan.





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Author: middlearth Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 17872 of 75340
Subject: Re: Retirement investing Date: 1/16/2000 11:20 AM
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>>>>Is it wise to have 3 separate
retirement plans all at the same place??<<<<

The locale isn't that important, as long as you have the right product mix.

>>>>have no idea if
these plans are making the kind of money I want them to<<<<

If they are in streight CD IRAs- then, you can bet they're NOT going to give you the growth you'll need for retirement.
Regards,
Eddie

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Author: mattpam Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 18493 of 75340
Subject: Re: Retirement investing Date: 1/31/2000 12:26 AM
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I agree with the other posters that banks are not the optimum places to hold IRA assets. You would be better served to open one or more IRA's with a conventional brokerage house, online or otherwise and gain the control of your accounts without restrictions on what and when, you can buy and sell assets. It is as simple
as calling them up, filling a few forms and sending them in. They will take it from there; but be prepared
to wait a few weeks while the paperwork is processed. Once the forms are submitted to broker, advise the bank
to suspend trading in the accounts to avoid potential paperwork snafus. Good Luck! - - Matthew

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