Yea. Move it to one of the often recommended brokerages around here. I.e. fidelity, vanguard or Schwab and then invest it in a low cost total market etf.
Whole life insurance policies are very expensive rip offs, which is what it sounds like you have. I don't even know why your brother started the policy - was he sold on it by an insurance agent?
If you need a life insurance policy because you have dependents, than get a term policy that goes through when they won't rely on your income any more. They're cheaper and can make sense.
I wouldn't be too upset with yourself, it's not like we can all know everything about everything. I just know because I was an insurance agent (property and casualty only, no life insurance) for several years before leaving the industry to do my own thing.
I do not know enough about trust funds to answer that part.
With a normal taxable investment account, put in as much as you want. The Roth is limited like that because of the tax benefits it provides.
Tax advantaged accounts/limits:
Thank you very much! I already use all of those with 10% salary going to 401k. I guess for now I'll just increase my 401k contribution even more.
Y'know, minimum security prison is no picnic. I have a client in there right now. He says the trick is: kick someone's ass the first day, or become someone's bitch. Then everything will be all right.
Huh? I'm giving 6k to my ROTH IRA. The HSA and 401k are not IRAs are they?
My bad, you're right. I was thinking of a 401K that been rolled into a Traditional IRA. Carry on.
Webull support got back to me... Apparently since it was free stock, it's classified under the inheritance code which reports the transactions as long term? Not sure if that makes sense, especially if some of the free stock was classified as short term but w/e
That's an option as well! I keep hearing that you should only have one retirement account. I'm not sure how smart/feasible that is though. If I roll my 2nd job into vanguard will the Roth amount be in a separate account vs the 401k amount? Am I going to end up with a bunch of sub accounts in vanguard at the end of my career? 😂
Gotcha. I'll probably have to give them a call at some point. Thank you for your feedback, I definitely appreciate it.
Why? I keep my old company's 401ks, as long as there aren't excess fees for not being employed anymore , why wouldn't you? For me, my former employer 401ks are the only way i can get direct access to own those companies in a 401k. So why would i roll them all into my current employer and lose access to the tax sheltered investment opportunity in my old company i couldn't get otherwise?
Well if you like one fund solution/set it and forget then I suggest 2 main options.
Started the 401K at the company match immediately on getting my first job. IRA came a bit later.
Thank you!
Daily sweeps sounds amazing. My employer only allows in service rollovers twice a year and I have to call Vanguard + wait for snail mail forms + send it back snail mail each time.
Daily sweeps sounds amazing. My employer only allows in service rollovers twice a year and I have to call Vanguard + wait for snail mail forms + send it back snail mail each time.
By contributing and rolling over into a Roth, you can supercharge your tax advantaged accounts past the regular limits. Better do it before they close the loophole in the BBB lol.
Mega Backdoor Roths: How They Work - NerdWallet
A mega backdoor Roth lets people save up to $40,500 in 2023. But not all 401(k) plans allow them.www.nerdwallet.com
Probably. As an example similar to the above, my boss's boss has mentioned to me before that his vested after 12 months on a quarterly basis.
