3 Signs You Should Consider a Roth IRA Funds Transfer

A Roth IRA can be a valuable asset to have when planning for your retirement. However, when you choose the wrong company, it can present you with a number of challenges. Here are a few signs that you should consider transferring your Roth IRA funds to another broker.

1. No Customer Service

When you are planning for your retirement, there is a good chance that you are going to have some questions. When you have your IRA with a broker that does not offer any help, it may be time to look elsewhere. You want someone that will always be available for you when you need them. If you have a question, you should be able to pick up the phone and call someone. You should be able to have your emails responded to in a timely manner. If your broker does not provide you with this service, it is time to start looking at other options and consider a transfer of funds.

2. High Fees

When you are dealing with retirement dollars, the last thing that you want to worry about is high fees. When you pay fees for a Roth IRA, you are using up a good chunk of your retirement dollars. If you think that you might be paying too much for your Roth IRA fees, then you need to start shopping around. You can find brokers that offer no-load and low transaction fees for their IRAs. This means that you can keep more of your money where it belongs and reach your retirement goals even faster. 

3. No Investment Options

The Federal government has restricted what investors can put their money in when it comes to IRAs. You can not invest in life insurance, collectibles, or anything that would help you personally besides give you a return on your investment. Beyond that, you can invest in anything else. However, many IRA providers do not give you an option to invest in very many things. They allow you to invest in stocks, bonds, mutual funds and CDs and that may be all. If you feel more comfortable investing in something besides these limited options, you should consider moving your funds to another broker. 

Most brokers want you to invest in mutual funds and stocks because they get some kind of a fee when you buy them. For example, the mutual fund may pay them 6% for introducing you as a customer and a certain percentage each year. When you want to invest in real estate, that broker is not going to make any money off of it. Therefore, they do not want to offer real estate as an investment option. 

You should always invest in what you are more comfortable in. If you want to take the money from your IRA and start a franchise, there is nothing that should stop you from doing so. Therefore, if your broker is holding you back, you might want to transfer your funds to someone else. 

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