investements
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.
