Roth rollover

Can I rollover/move an active Roth to another company? The company that is
getting the monthly deposit now, is charging 6.75% service fee.(I know not
to touch the proceeds during any moves)

Re: Roth rollover

"lib" <> wrote
> Can I rollover/move an active Roth to another company?

Absolutely.

> The company that is
> getting the monthly deposit now, is charging 6.75% service fee.(I know not
> to touch the proceeds during any moves)

Robbery.

Start the process today.

If you want suggestions about where to move it, maybe describe whether
you're holding stocks, bonds, mutual funds, whatever, and ask what company
has good rates.

Re: Roth rollover

lib wrote:
>
> Can I rollover/move an active Roth to another company? The company that
> is getting the monthly deposit now, is charging 6.75% service fee.(I
> know not to touch the proceeds during any moves)

I am not sure what you mean by "service fee". Is this an annual fee
that you are being charged to maintain the IRA (I've never seen a fee
that high), or is it a fee being charged on each monthly deposit (for
example, a load, though 6.75% seems too high for that) or something
else?

Many companies will charge you another fee if you transfer the IRA out
of the company. So, if the fee you are paying is only for new deposits,
what you might do is simply stop depositing new money there, and open up
a second Roth IRA at a place that doesn't charge you a fee (e.g.
Scottrade, Fidelity, etc.) You should check to see what you'll get
charged when you move the account.

But if this 6.75% is a fee you get charged every year, then you
definitely need to look at moving the account.

--
Mark Freeland