SIMPLE IRA FUNDING
Just started a new job in February. Owner has established SIMPLE accounts for employees. I also have an account at Voya and wondering if I should transfer to the SIMPLE. I am struggling with understanding on what I should invest in. I believe I want some to go into the Apple stock and maybe Disney as I feel they are safe, but the rest I am unsure. Please help me! Do I transfer my Voya to this account or just leave Voya alone, no more money is going into it as it was from my former employer.
Thank you
Terry Says
Whew –you need to learn a little about the stock market! Ask the people who owned Apple stock last week, when it had a huge plunge, how safe they felt!
First, is the account at Voya an Individual Retirement Account? If so, leave it there — or consider rolling it to a less expensive place like Vanguard or Fidelity. Contact them and they will handle it as a direct IRA ROLLOVER. Then you can invest in individual stocks or mutual funds at a very low cost.
If your Voya account is NOT an IRA, then you can take a check and use the money to open a trading account at Schwab or Fidelity Brokerage and pick your own stocks.
Do participate to the max in your new employer’s plan. They will likely give you a choice of mutual funds. But that’s not a good place to speculate in individual stocks.
I wish you’d go online to buy a copy of The Savage Truth on MOney. The latest edition is linked atmy website and available on Amazon. I’m not trying to sell books–I’m trying to give you some very cheap lessons in stock investing. Otherwise the lessons are bound to be more expensive!
