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Originally Posted by Cheetahwoman7
Thank you, Creditcardfree,
I don't know if I'll ever work for another private company again where I can roll those initial retirement funds into their retirement account, or are you talking about just placing it with another "holding" company where it will be invested? It would be wonderful if I could just stick it into my teacher's retirement, but I'm VERY sure they won't let me do that. The account it's in now I think only pays about 2% a year.  *heavy sigh*
I need to start to get ALL of my financial ducks in a row. The older you get, the faster time flys. Eight years doesn't really seem that long to get things together and prepare for retirement when you're busy doing other things.
Thanks for all the help so far,
CJ  |
If you have been told it can't be rolled into your current teachers retirement fund than I would just find one mutual fund company (ex Vanguard or Fidelity) to set up a rollover IRA. This gets the money out of the old employers retirement account.
Yes the money would then just sit in that account growing until you need the funds in retirement. You should be able to get more than 2% on average in a mutual fund...more like 8-10% average!!
By picking one mutual fund company that has a large number of investments to choose from it simplifies where all your accounts are. Then you could also set up a Roth IRA account at the same company.
Good luck.You'll get those ducks in a row, I'm sure of it.