I have about $9k I am thinking about rolling over to a ROTH IRA. Pretty sure I should put it into a mutual fund since I don’t know much about investing. Opened an account with Vanguard but not sure what to do from here. My 401K is pretty conservative. I am 33 and will be up for retirement in 20 yrs. Any suggestions from the pro’s?
NOT A PRO ! -
I would suggest talking with the people at your bank. They are familiar with what is going on in the investment industry. I like the ROTH solution and I wouldn’t be soft on learning some about the markets and using an online trading service. Inside the ROTH you can trade just about anything you want.
Not a pro as well, but whoever you go with consider trade fees now. Fidelity as some of the lowest. If you get to a point and want/need to trade may as well keep as much of your money as you can. Also, think about your taxes as well. Correct me if I am wrong out there but I think you have till sometime in March/April to contribute for 2014. So you may want to do half for last years and half for 2015. You could do it all within a couple months? time. Seek a good financial adviser.
Wait for the market to crash here in the next six months, dump your money into an S&P index, sit back and watch.
I’m certainly no pro, but the market is volatile right now. Pretty risky time to be investing.
Redfish Baron Extraordinaire
quote:If you qualify for a ROTH, then it's the best option of that type of investment...
Originally posted by TrebbleTroubleI have about $9k I am thinking about rolling over to a ROTH IRA. Pretty sure I should put it into a mutual fund since I don’t know much about investing. Opened an account with Vanguard but not sure what to do from here. My 401K is pretty conservative. I am 33 and will be up for retirement in 20 yrs. Any suggestions from the pro’s?
As sailfish says, the “index fund” is typically going to be better than a mutual fund over the long run. Most people don’t realize that mutual funds take a % of your assets each year weather you make money or not. Some funds take as much as 2-3%. Typically an index fund will mimic the S&P (i.e. the market) and the loads are usually pretty low (0.25% or so).
That’s probably the best thing for someone who doesn’t want to put a lot of thought into it…
That being said, I am NOT a financial advisor or a “pro” and you should always consult a financial advisor before taking random tips off of the internet.
Thanks for the input. I realize ya’ll are not “pro’s” and this is the internet and strangers are giving me advise. Just like to hear others opinions (good or bad) on stuff I don’t know much about.
Pro Tip: Invest in Google yesterday.
Its up $20 today.
Redfish Baron Extraordinaire