doclove
New Member
Joined: Feb 8, 2023 23:09:27 GMT -5
Posts: 2
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Post by doclove on Feb 10, 2023 22:32:45 GMT -5
I have $150,000 in a retirement plan from my previous employer and I would like to roll that into a self-directed IRA that I could use for investing another other business options. Does anyone know how to go about doing this? It seems like every time I talk to one of these financial planners that they always try to steer me into some thing that is very low risk and very long term. The “playing it safe” route. I have nothing against playing it safe in life. But I also believe that you only live once, and that the only way to truly get to the next level is to invest. There seem to be a lot of people out there promoting these IRA’s that are used for real estate investments. I would like to get into real estate in the future but I don’t feel that I’m currently educated enough at the present time. I think that I would like to start out in the stock market. Once again I’m looking for advice. I also welcome advice on other potential investment opportunities. Thanks.
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Post by minnesotapaintlady on Feb 10, 2023 22:36:10 GMT -5
Just roll it to Fidelity and invest how you want. You can do mutual funds, ETFs or individual stocks or treasuries through them with no transaction fees.
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Rukh O'Rorke
Senior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
Posts: 10,039 
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Post by Rukh O'Rorke on Feb 11, 2023 13:17:48 GMT -5
Just roll it to Fidelity and invest how you want. You can do mutual funds, ETFs or individual stocks or treasuries through them with no transaction fees. I have self directed accounts at fidelity, vanguard, and tdameritrade. I like TD best for buying individual stocks, but if you are just self directing index funds, I think any of those would be good. You don't need to speak to anyone! those people are likely working from a commission perspective. Just say NO! Open the account online. When you get your funds, you need to have the check very carefully addressed to make a direct transfer to another tax-deferred account. Can not be made out to you first last. Needs to be made out "for the benefit of you first last". - Open the account online - will have 0 balance but the account number is needed
- close current IRA account and make sure they know it is a transfer to another IRA, and see about direct transfer or make the check to acct #/for benefit of (I always had to get a check, not sure if it is changed)
- Do not endorse check! it is not made out to you.
- Mail to the correct address so it is creditted to the online account. Get the address from them if needed, maybe that needs a call?
- Once creditted, buy individual stocks or ETFs. Whatever your self-directed self wants to.
TD ameritrade has most of my money, now that the account is rather large, I get a call about once a year to offer "help", and I just say - no thank you! and then have a year of freedom....
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Post by minnesotapaintlady on Feb 11, 2023 14:03:47 GMT -5
Just roll it to Fidelity and invest how you want. You can do mutual funds, ETFs or individual stocks or treasuries through them with no transaction fees. I have self directed accounts at fidelity, vanguard, and tdameritrade. Those aren't really true "self-directed" IRAs though. Yes, you manage your investments yourself, but a Self-Directed IRA needs to be set up by a bank or trust and are rather complicated. But through them, you can invest in things like real estate, crypto, and precious metals or commodities. |
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Rukh O'Rorke
Senior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
Posts: 10,039
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Post by Rukh O'Rorke on Feb 11, 2023 15:19:15 GMT -5
I have self directed accounts at fidelity, vanguard, and tdameritrade. Those aren't really true "self-directed" IRAs though. Yes, you manage your investments yourself, but a Self-Directed IRA needs to be set up by a bank or trust and are rather complicated. But through them, you can invest in things like real estate, crypto, and precious metals or commodities. oh! well - maybe OP could clarify what they are looking for. I thought they just wanted o buy their own stocks/etfs without the advisor..... |
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doclove
New Member
Joined: Feb 8, 2023 23:09:27 GMT -5
Posts: 2
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Post by doclove on Feb 12, 2023 7:09:51 GMT -5
Just roll it to Fidelity and invest how you want. You can do mutual funds, ETFs or individual stocks or treasuries through them with no transaction fees. I have self directed accounts at fidelity, vanguard, and tdameritrade. I like TD best for buying individual stocks, but if you are just self directing index funds, I think any of those would be good. You don't need to speak to anyone! those people are likely working from a commission perspective. Just say NO! Open the account online. When you get your funds, you need to have the check very carefully addressed to make a direct transfer to another tax-deferred account. Can not be made out to you first last. Needs to be made out "for the benefit of you first last". - Open the account online - will have 0 balance but the account number is needed
- close current IRA account and make sure they know it is a transfer to another IRA, and see about direct transfer or make the check to acct #/for benefit of (I always had to get a check, not sure if it is changed)
- Do not endorse check! it is not made out to you.
- Mail to the correct address so it is creditted to the online account. Get the address from them if needed, maybe that needs a call?
- Once creditted, buy individual stocks or ETFs. Whatever your self-directed self wants to.
TD ameritrade has most of my money, now that the account is rather large, I get a call about once a year to offer "help", and I just say - no thank you! and then have a year of freedom....
I feel the exact same way about the financial guys. That’s how they make their commissions. I want as much control over my investments as possible. This is exactly the kind of advice I was looking for. Thank You. |
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Post by minnesotapaintlady on Feb 12, 2023 10:25:10 GMT -5
I have self directed accounts at fidelity, vanguard, and tdameritrade. I like TD best for buying individual stocks, but if you are just self directing index funds, I think any of those would be good. You don't need to speak to anyone! those people are likely working from a commission perspective. Just say NO! Open the account online. When you get your funds, you need to have the check very carefully addressed to make a direct transfer to another tax-deferred account. Can not be made out to you first last. Needs to be made out "for the benefit of you first last". - Open the account online - will have 0 balance but the account number is needed
- close current IRA account and make sure they know it is a transfer to another IRA, and see about direct transfer or make the check to acct #/for benefit of (I always had to get a check, not sure if it is changed)
- Do not endorse check! it is not made out to you.
- Mail to the correct address so it is creditted to the online account. Get the address from them if needed, maybe that needs a call?
- Once creditted, buy individual stocks or ETFs. Whatever your self-directed self wants to.
TD ameritrade has most of my money, now that the account is rather large, I get a call about once a year to offer "help", and I just say - no thank you! and then have a year of freedom....
I feel the exact same way about the financial guys. That’s how they make their commissions. I want as much control over my investments as possible. This is exactly the kind of advice I was looking for. Thank You. Then you're just talking about a Rollover IRA and you can do that with any of the big firms.
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