Skip to main content
No. of Recommendations: 0
Hi,

I am in the process of becoming more foolish. I intend to open an IRA account with a discount broker. I will then direct the broker to arrange to have the IRA shares (traditional) that I currently hold in 3 mutual funds sold and the cash transfered to my new discount broker account. I intend to convert the entire IRA to a Roth IRA. Does the sequencing and mechanics of this sound correct so far?

I am a self employed single person S-Corp. No employees but me. Is it allowable for me to setup my (newly converted to Roth) IRA as a SEP-IRA or SIMPLE-IRA ? As I understand it this would allow me to contribute potentially more than $2,000 per year to my newly established SEP-ROTH IRA. Is this correct. Is there any downside to having SEP ? Thanks in advance for any help.

Regards,

MARK F
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.