Author Topic: I opened a shwab account but am having trouble navigating.  (Read 387 times)

Bearblastbeats

  • Bristles
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I opened a shwab account but am having trouble navigating.
« on: November 15, 2018, 08:36:51 AM »
I opened up a schwab IRA account but am curious as to how these work and if I am able to withdraw money from it if needed.

Schwab has a suggested minimum balance of $1000 for accounts. With an IRA there may be tax penalties for withdrawing prior to age 59 1/2.

Did I open the wrong account?

Should I open a standard brokerage account to buy and sell securities and be subject to tax on Gains and Losses?

Car Jack

  • Handlebar Stache
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Re: I opened a shwab account but am having trouble navigating.
« Reply #1 on: November 15, 2018, 08:58:05 AM »
If you expect to be able to withdraw without penalty, then yes, you'd want a brokerage account, not an IRA.

I have a brokerage account with Schwab and wife has a Roth.  What can be done with the Roth is quite restricted compared to the brokerage.

Bearblastbeats

  • Bristles
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Re: I opened a shwab account but am having trouble navigating.
« Reply #2 on: November 15, 2018, 09:58:01 AM »
So I should open a brokerage account for when I want to withdraw from, and keep the roth for retirement?