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iras that exceed the 250 K insurance

By Terry Savage on March 29, 2023 | Chicken Money

Hi Terry
i have a total in IRAs at a credit union that exceed the 250 K insurance and they do not mature for several years can i transfer these before maturity without a penalty and where should i go I became aware after the recent bank failures so now Iam concerned
thank you

Terry Says

You could do a rollover of a portion of your IRA to Vanguard or Fidelity. T. Rowe Price is offering a govt money market fund yielding over 4%.
Read this about how to handle a rollover: https://www.terrysavage.com/rollover-now/

And be sure to ask about any penalties that would apply to breaking the CD before it matures. Generally speaking, once you’ve reached the age of RMDs, there should be no penalty for breaking an IRA CD.

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