No. of Recommendations: 0
<< I need some help! My wife and I both have money in Mutual funds from previous employers. (Hers is actually rolled over into a "Select Annuity" and mine is in "Fidelity Contra Fund" and "Fidelity Asset Manager" and "Fidelity Index Fund")>
My Question is... A)Can I (or more importantly should I) open a discount brokerage account and buy stocks? B)Can I combine my wife's with mine when I do so?!
I'd really appreciate any comments or help regarding this matter.
Thank You! >>

Hello Slow Hand and a Foolish Welcome To You!

If these are indeed 401k plans you are going to have to consult with the plan adminstrator to see what your options really are. A Rollover IRA as another reader suggested may indeed be the best option.

With respect to the "Select Annuity", get out the contract and become familiar with it and the contract options first. Also check performance and surrender fees. Check performance based on what your wife has actually paid in and not the internal performance that insurance companies usually put out.

There are a lot of variables here so a good Financial Professional may be helpful. In any event consider reposting (and perhaps rewriting a bit first) to our Retirment Board. Remember too that TMF has a whole section on the various aspects of retirement. Here are the links.

http://boards.fool.com/Messages.asp?id=1040013000000000
http://www.fool.com/Retirement/Retirement.htm

Foolish Best Wishes!
Peter Lincoln
TMF BALDer
Print the post  

Announcements

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.
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.