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The IRA shuffle

March 4th, 2006 at 01:13 am

Thanks, baselle, for the link to MorningStar's article on TIAA-CREF. I believe that I, too, will be moving my account from there.
My traditional IRA only had $2300 in the account and after looking at Vanguard's web site, an individual needs $3000 minimum for the IRA account rollovers. So... I sent an extra $800 into TIAA-CREF so that I can eventually transfer to Vanguard. Haven't put anything in IRA's for 2005 since I was too lazy to open a Roth, hadn't been interested in contributing to the traditional and had been sending 20% gross income into my 403(b) anyway. My other retirement stuff is with Fidelity. Unfortunately, I've never bothered to try to figure out their fees (wrong move) and tried to find them today online with no luck. Must be looking in the wrong place, eh? I'll end up calling them on Monday to see what fees they actually collect and take it from there as to what I want to do with the money.
We filed our taxes which is a big relief. I was negligent, however, and didn't include my 2005 traditional IRA contribution! Doh! We're getting $1,000 back and I haven't done the calculations to see if it would make a difference, yet. Is it hard to do an amended return? Does anyone know? Is it worth it?
I have three bank accounts and am in the process of closing one of them. Actually, 2 are credit unions, 1's a bank and I'm closing one of the credit union accounts. The bank has the mortgage and the other credit union is very good at trying to provide value to their customers. I'll keep both of them open as I've read so very many horror stories about people who have quit their jobs and find that they are no longer worthy of credit... even if they have lots of money in the bank. Okay, so I don't have lots of money in the bank, less than $200 actually, but I still want to keep my lines of credit and my credit cards open! Wink
DH is taking me out to dinner to celebrate my last days at work. There's a lot to do at the house, though, so I won't be sitting idle!

Till the next time,
Jorge

Posted in Saving, Financial Planning, Retirement | 3 Comments »

3 Responses to “The IRA shuffle”

  1. retire@50 Says:
    March 4th, 2006 at 04:22 am 1141446156
    1141446156

    I believe that there is a $50 fine plus penalties, depending on how many years before the IRS finds it, for not filing the form for the traditional IRA. You might want to refile for that reason alone. I read that in a financial book somewhere and then verified it at the IRS website a few years ago, but of course the rules change all the time, so you might want to recheck.

  2. baselle Says:
    March 4th, 2006 at 06:19 am 1141453181
    1141453181

    Re: finding fees and other interesting stuff about mutual funds and fund families. Search Morningstar.com for the mutual fund ticker symbol, when you get it, type it in and see what you got. I think Value Line.com will give you some info too.

  3. jorge Says:
    March 5th, 2006 at 04:08 pm 1141574899
    1141574899

    Great info! Thanks you two!

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