No. of Recommendations: 0
My fiance has an IRA at a credit union, that draws a low interest rate. It's worth about $20,000; he does not want to convert this one to a Roth. Some suggestions on where to move it, and does he have to do it at maturity, or can he move it any time? Also, looking at at least a 10 year time frame before withdrawing any of it.>>>>

I assume the IRA is invested in CD's??? The CD's generally have to mature before the money can be touched without a penalty being added upon early withdrawal.

You say he has a 10 year time frame before he starts withdrawing it? Will he be 59 1/2 by that time? If he won't, he will be subject to a 10% penalty (there are certain exceptions to this rule but not many) upon early distribution.

Since the IRA is probably in a CD it appears that your fiance may be a conservative investor. If that is the case there aren't many safer investments available. The only place he may want to transfer this to is a higher yielding CD. If thats the case all you can do is look around and find a bank that has a higher interest rate available for their CD's.


Print the post  

Announcements

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!
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.