Hi all, originally posted in r/financial but I'm hoping this might get more traction, since this is a time sensitive issue.
I just found out I'm inheriting a traditional IRA, as a non-spouse. I'm 31 years old and the decedent was over 70. The problem is that the decedent passed on September 4, 2018, so I'm under the impression I have 2 days to open an IRA account and transfer the IRA before I am hit with a penalty. I just found this all out because I did not know my biological family.
In any case, is opening a new IRA account in 2 days feasible? What kind of account should I open up? Here are my considerations:
-I have student loans to pay off, so some liquidity would be nice.
-I want to invest but am worried about investing now with the state of the economy. Can I inherit to a regular IRA account and invest later?
-I am interested in being more hand-on with my investments.
-the IRA is currently held by Wells Fargo, out of state, and the account manger has been so hard to get a hold of.
Thanks, I plan on hitting the ground running on Tuesday... so your advice will go a long way.
Submitted September 02, 2019 at 07:25PM by wabisabister https://ift.tt/2HA8b2L
