I recently separated from state employment and have money sitting in a 401k and a pension fund. I need to roll it into an IRA. I don't currently have an IRA or work with any financial advisor. I recently met with a CFP who can set up the IRA, find out what my goals are and then manage the money from there charging 1.3% of total assets managed annually.
I also met with an Edward Jones advisor and they charge 4.5% of the money I roll over plus 4.5% of future contributions plus like a $40 annual fee and the mutual fund charges 0.5% management fees.
Not sure of the advantages or disadvantages of either and was hoping for some input.
Also, if I already know how I want to invest the money, Is this just something I can do myself (open an IRA and roll the money into it)? If so, how do I go about doing that?
Also, thoughts on converting to a Roth now and going ahead and paying the taxes vs rolling into a traditional and kicking the tax can down the road.
Sorry for all the questions. Thanks!
I also met with an Edward Jones advisor and they charge 4.5% of the money I roll over plus 4.5% of future contributions plus like a $40 annual fee and the mutual fund charges 0.5% management fees.
Not sure of the advantages or disadvantages of either and was hoping for some input.
Also, if I already know how I want to invest the money, Is this just something I can do myself (open an IRA and roll the money into it)? If so, how do I go about doing that?
Also, thoughts on converting to a Roth now and going ahead and paying the taxes vs rolling into a traditional and kicking the tax can down the road.
Sorry for all the questions. Thanks!