Ask Terry Questions investements


By Terry Savage on May 10, 2024 |

My 47 year old son has $32,000 invested in a private investment firm selling her own products and with high fees. He would like to transfer it over to a Vanguard account. What should he invest in. He has a Vanguard Roth IRA. Can he add it to that?

Terry Says

Whoa– please have your son write a post explaining what money he has invested and where.   I won’t publish it –but it sounds like he is in a questionable investment from what you say.

If he has earned income — and isn’t covered by a retirement plan at work –he can open an IRA at Vanguard — and put $7,000 into it and take a tax deduction for his contribution.  And just invest it in the S&P 500 stock index fund.

But that doesn’t answer the question of getting OUT of what he is in now.  I’d need to know more in order to advise on that.

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