Chase Bank self directed retirement fund
I am 76 and work in retail. My husband and I have not done well with financial planning. I have 35 thousand in the above account and my daughter is telling me to take it out and put it in Ally (?)
She feels there will be a crash and I will lose it all. Will I have to pay taxes if I move the money?
Worried!
Terry Says
Whoa? Is your daughter a financial expert? Obviously not!
You get to decide how your “retirement account” (presumably an IRA) is invested at Chase.
If you’re worried about the stock market, tell them you want to switch the investments into short term CDs — should pay around 4% — INSIDE the same IRA. No taxes, more peace of mind.
If this is NOT money inside an IRA, and if you have gains, then there could be capital gains taxes on the sale of profitable investments. So maybe only sell half your investments — and ask them if there are any losing positions, so they can offset some of the gains — before taxes are calculated. Then put the half that’s in cash in a money market deposit account.
And, if it IS an IRA, then you should be taking required minimum distributions each year.