Where to Transfer Roth IRA?

[Mathias]

I'd like to start maxing out my Roth IRA, but would like to transfer it first... and I don't know where. A friend's mom opened one up for me in my early twenties with Primerica. I paid in every month, and now looking back I realize that was a mistake. The fees are high and it doesn't look like I have made anything, ever.

There's about 9.5K in the account and I need to take it somewhere else. I was looking at Vanguard and Betterment, but I clearly have no idea.

I'm looking at the Roth because all my student loans are paid off, car is almost paid off, and I'm paying into my company's 401k up to the match, currently have 24k

[felirod]

Well, during these times I transferred my Roth account from my local credit union to Vanguard. The process was easy. I did most of it over the phone talking to a live person and they walked me through the whole process. 


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[MDM]

Mathias, welcome to the forum.

Any of Fidelity, Schwab, or Vanguard would be reasonable choices, and any of them will gladly help you with the transfer.

See Investment Order for some general suggestions.

[Mathias]

Longtime lurker, glad to be here! Thank you!!


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[MonkeyJenga]

I keep all of my investments with Vanguard. I like their company structure and the incentive to keep fees low.

What is your income and marginal tax rate? A trad IRA might offer better tax savings: https://www.madfientist.com/traditional-ira-vs-roth-ira/

[Mathias]

I keep all of my investments with Vanguard. I like their company structure and the incentive to keep fees low.

What is your income and marginal tax rate? A trad IRA might offer better tax savings: https://www.madfientist.com/traditional-ira-vs-roth-ira/

60k/year, I believe it would be 22%


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[terran]

I agree with Vanguard, Fidelity or Schwab (probably roughly in that order, but it only matters slightly). If your 401(k) is already with one of them I would probably pick that one for simplicity.

[Catbert]

I think there are two reasons some people like Betterment, neither of which applies to you.  They can do automatic tax loss harvesting but doesn't apply to IRAs.  And they can automatically re-balance to your selected asset allocation.  But since you have accounts elsewhere (401k) it makes no sense to auto-rebalance a portion of your portfolio.

 

[Mathias]

I’ve been playing around with Trad vs. Roth. Right now I’m leaning towards Traditional.


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[zolotiyeruki]

If you're filing taxes as Single, then yeah, a traditional IRA is probably a better choice for you.

I'll second (or third, or whatever) the recommendation to take that money over to Vanguard.  My experience mirrors others' in that it was pleasingly easy and angst-free.

[Mathias]

Transfer initiated. Thank you, all.


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