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Future Finances With an IRA

Amanda Bar

Following the citywide fiasco with our pensions, I finally recieved a check from Principal Financial so that I could start the process of rolling over my savings into an IRA.  I thought the process would be much more painful than it turned out to be, mostly because I have no idea what most of the interest rates, CD options, and account types mean.

Luckily my Bank of America advisor was helpful enough to guide me through my various options.  I eventually settled on a Money Market IRA with a .55% interest rate/annual percentage yield.  I also have it set to a "traditional CESA" plan-type, which allows me to withdraw or transfer funds to the account if I so choose.  Also, I had him make it quite clear that if I decided to change my account type (AKA if a more financially sound friend or family member advises me to do so) I have the option to tranfer the funds sans penalty.

Ideally my job will reinstate employee pensions once the city gets back on it's feet, but until then I'm glad to have this financial weight off my shoulders.

Posted by Amanda Conwell at 06:51 PM on November 4, 2010 in Banking , Savings | Permalink | Facebook | Digg | del.icio.us | AIM

Comments

Ashley

.55% interest??? Amanda honey. We need to talk.

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