Ask Terry Questions Inherited IRA from Wells Fargo

Inherited IRA from Wells Fargo

By Terry Savage on February 28, 2024 | Chicken Money

I inherited a Wells Fargo IRA. On all of their literature, there is a disclaimer that the funds are not insured by the federal government. The IRA , in the amount of $55,000 now, has made money for the past ten years in the amount of $3,200 (now)to $4,300 (10 years ago). Do I look for a different organization? I take a yearly distribution. I know very little about finances. I’m retired with a very good pension annuity, with a 3% yearly increase. Thanks.

Terry Says

I don’t know what you’re investing in but this isn’t a very good return, since the stock market has more than doubled in the past 10 years! But now, since you’re retired it doesn’t matter much, since you don’t want to take the risk of stocks anyway.

Your IRA is insured up to $500,000 against fraud by the Securities Investor Protection Corporation, so no worry on that level. But do find out exactly how the money is “invested” and ask if there is a part you could put into a higher yielding but safe money market deposit account — still inside your IRA.



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