A few years ago in inherited an IRA which I have to take
a minimun amount yearly due to the age of the oldest child
of us kids. The interest rate on the is around 3% at a local
bank. Can I move this? Should I? I feel I should be making
money on this instead of just sitting there. This is 25,000
on a couple dollars.
not a couple (sorry)
derobake
Favorite Answer
You can always do a direct transfer or a direct rollover to another IRA with another firm. I recommend www.fidelity.com or www.vanguard.com , and use one of their target-date retirement funds. These funds automatically diversify and rebalance for you, making investing much easier.
Michael K
Your question is a bit hard to follow. You can take the annual distribution made to you and do anything you want with it. To change the custodian (and thereby the investment profile) of the IRRA requires the agreement of all or a majority of the beneficiaries. If you all agree on who you would like to administer the fund, then ask the new custodian to arrange the transfer -- it must go directly from the current to the new custodian to avoid taxes and penalties.