Ask Terry Questions moving investments from my broker

moving investments from my broker

By Terry Savage on July 20, 2022 | Investments

Can I get out alive from Edward Jones. I am very unhappy. This guy can’t explain a thing to me and things don’t look so good moving on.

Maybe now isn’t the time to move on but maybe – could prepare for it.

I hav most of my money in as Annuity. I kno I know. That is not his doing.

Two other smaller accounts

$. 268000 total with them at the moment. About what I started with 3 1/2 years ago.

Terry Says

That is a sad story. So put on your big boy pants and take control.
First decide WHERE you want to move the money. My suggestion would be Fidelity or Vanguard.

I dont’ know whether this remaining money is inside an IRA or not. If it is, you want to do an IRA rollover.
If it isn’t in an IRA, but in stocks, there are tax considerations. It’s much easier to move cash than stocks — but this could create capital gains. If you have gains, nothing keeps you from selling, moving the cash, and then repurchasing those same shares to reestablish your position. But if you have losses, you can offset them against gains or offset $3,000 against ordinary income — and wait 6 months to repurchase.

Please write back and let me know: how much money; inside an IRA or not; invested in individual mutual stocks or mutual funds? Then I can provide more specific advice.

Also, what type of annuity –and why is it on the books of your current broker?

But this is YOUR money and you can move it anywhere you choose. And this is as good a time as any.

money

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