I've posted these same instructions in about 5-6 different threads over the past year and half and have had a number of people thank me after looking at their account and slapping their forehead. I felt it would be prudent to just make a post so it's easier to find when googling.
This seems to be fairly common mistake, but people are opening Vanguard IRA's and then not realizing how to actually allocate the money into an index fund from the settlement fund/money market/short term reserves. I made the same mistake myself for a couple months before realizing the error and had to call Vanguard service to get step-by-step instructions.
Vanguard is also fairly un-intutive from a UI standpoint so step by step below on how to do that:
- Log into your account
- Go to My Accounts Menu
- Click on Buy & Sell
- Click Buy Vanguard Funds
- on "Where's the Money Going" check the Add another Vanguard Mutual Fund
- type fund name (for Target 2055 type "VFFVX") in box that appears
- in the "Buy in Dollars" box type in however much you've currently given to vanguard and is sitting in "Settlement fund" or in "Short Term Reserves"
- In "Where's the Money coming from?" Select "My Settlement Fund"
- Click Continue
Fin.
Edit: Whoah, this got popular. I wonder if Vanguard is going to see a sudden uptick tomorrow in it's investment capital...
Submitted October 02, 2018 at 12:20PM by Marvelman1788 https://ift.tt/2zN1U09
