Beneficiary ira account
Hi terry, thanks for your service!!! I have a beneficiary IRA from my mother when she passed. It is getting .3 interest. Can I transfer that anywhere to make some interest? Thanks.
Terry Says
Oh absolutely you can. I’m guessing the IRA is in a bank, and in a CD. With interest so low, the penalty won’t matter much. And I’m also assuming that you are still far from retirement age. So call Fidelity or VANGUARD and ask them to help you do an IRA Rollover for an inherited IRA. Then you get to choose a mutual fund or two. If you’re under 55, consider just putting half in a S&P 500 stock fund for growth. And they will help you deal with the required distributions over 10 years from a non-spousal inherited IRA.