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The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Long Term Investing & Retirement: The second best time is now
 
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Gimbal_Machine
May 11, 2005
Bite me euler angles.
Ok, I need some help.

I'm actually pretty stressed about this. One of my friends ended up getting a job at Ameriprise and convincing me to open an account with him. He said i'd get a free start and we'd take a look after a year.

After a year, he wanted to charge me $500 for the service and I took a look at my return on investment before the 'services' and after and figured that $500 was a significant enough portion to not be interested.

This being said, all of my co-workers who seem intelligent have been saying i can do this stuff on my own using Vanguard. I've looked over the information posted in the OP with respect to Vanguard and I like what i see, but I'm unsure how to transfer my ROTH IRA over (my wife's would come with to). This is our long term retirement investment.

For reference, I'm saving 4k to both IRAs and getting my employer match on my 401k. I'm 24 and a software engineer.

The advice I'm looking for is if you all agree with this and what my first steps to move should be. I think I'll also want to move my money out of Ameriprise's money market account since the fee seems to be $40 quarterly for about 3% return.

What do you think?

* # ¿ Aug 7, 2008 15:54
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# ¿ May 4, 2024 00:37
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Gimbal_Machine
May 11, 2005
Bite me euler angles.

Dijkstra posted:

Most people here if not everyone will agree.

You will have to set up a retirement account at Vanguard (you can do it online) and select the IRA rollover option when setting it up. The website will produce some forms that you will have to sign and send back to Vanguard. They will scan everything you send and send it back to you with an account information form. That gets everything set up with them and they will be awaiting your money from Ameriprise.

Then get the rollover form from Ameriprise and fill it out. You will need your Vanguard account number address and contact info from the information form you get back from Vanguard. Send that back to Ameriprise.

It should be pretty straightforward. Vanguard has a rollover department with associates that do nothing but help with rollovers so don't hesitate to call. I've done two rollovers to Vanguard so far and the only effort required on my part was filling out forms and walking to the post office.

Thanks dijkstra and droo, i'm going to get started on this right away. I'll let you guys know how it goes to hopefully help the next guy who might feel a bit trapped/overwhelmed.

* # ¿ Aug 7, 2008 23:49
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The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Long Term Investing & Retirement: The second best time is now