cancel
Showing results for 
Search instead for 
Did you mean: 

CHASE ROTH IRA ADVICE

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure

CHASE ROTH IRA ADVICE

Hi everyone, 

 

I will be making an appointment at Chase soon but I was curious to see if anyone had additional advice. 

Over a year ago, I left my job and moved my 401K to a ROTH IRA at Chase. (it wasn't an easy process/I had to go through multiple people at Chase who "didn't know how the process worked with an IRA" so they didn't give me much information at) It was a small transfer of less than $300. Fast forward today, I realized I should have been funding that IRA in the past two years...I have read a lot on "maxing" out the yearly contribution, but in all honestly,I don't have a lot of extra income. I have a savings that I contribute to already. I have a child that I may want to use the 401k for if college is in the future. Would I be better off closing it? or contributing whatever amount i possible could even if its only a few dollars here and there...

I am also very worried when it comes to the Roth not being FDIC insured.

 

 

11/2019



12/2019


Message 1 of 2
1 REPLY 1
Moderator Emeritus

Re: CHASE ROTH IRA ADVICE

Roth is a better savings for money than a savings account.

 

FDIC insurance, meh.  If Chase collapses the entire country is pretty much F'd anyway including the Fed government: it's astonishingly unlikely.

 

Even with all the market issues, and my own equity portfolio taking a beating over the past few months, savings accounts even at 4% just don't compare except as a hedge.

 

Chase Youinvest is so easy now, not sure what problems you went through it was stupid easy for me to shuffle money there last year... end of the day cashing out is a bad idea: you can only contribute so much to a retirement account per year anyway, don't waste that money, keep it compounding as long as you can.




        
Message 2 of 2
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.