When I first opened my business in 2014 my CPA told me about the deduction I'd get if I opened and contributed to an IRA. Knowing nothing about investing but wanting this 'free money', I opened a Traditional IRA at Raymond James with a guy he recommended.
This turned out to be a mistake as he put my money into two ETF's with loads, unfavorable expense ratios, and very mediocre returns considering what the market has done. The account also has a maintenance fee of $50/year.
Current Value: $11,700
- ER: 0.218%
- Initial Charge: 1%
- Deferred Charge: 1.45%
- Creation & Development Charge: 0.50%
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Organizational Costs: 0.320%
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Purchased: 9/22/16
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Maturity Date: 12/18/17
Current Value: $5,700
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I don't know anything about the expenses of this fund since I can't seem to find a prospectus.
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Purchased: 8/17/15
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Maturity Date: 7/17/17
Over the last few months I've been reading as much as I can so that I can handle things myself. I'm 34 years old, no debt, solid emergency fund, etc. I've since opened a Roth IRA and an SEP-IRA with Vanguard and contributed the max for 2016 and some for 2017. The Roth has $6,500 invested in VTSMX (ER 0.16%). The SEP is awaiting a $3,500 transfer.
If I liquidated and transferred my Traditional IRA to Vanguard I'd have enough to qualify for Admiral Shares with an ER of 0.05%, which seems like a smart move. However, I believe if I do it before the maturity date I'll be on the hook for the deferred sales charge?
I'm really not sure what my best move is here, and I'd appreciate any advice I can get. Thank you!
Submitted February 04, 2017 at 05:37PM by UniqueCopy http://ift.tt/2k8yLCc
