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Asked 10/13/2008
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Transferring a Roth IRA Conversion Plan I have had a Roth IRA Conversion Plan from Putnam since June 1998. I am a 47 year old working mother of a 7 year old and own a house. I opened this account with $5,000 and now I have less than $2000 as of September 30, 2008 and am not very happy. I want to pay less fees/commission and consolidate my mutual fund companies--I contribute to a 401k plan with Fidelity and have a couple of growth funds and one money market fund with Janus.
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Answer 1/1 - Submitted 8/20/2010
You should speak to a financial consultant, one who is certified to offer professional advice. If you don't want to pay the small consulting fee, or you don't know how to find a good consultant, take advantage of companies like Charles Schwabb where investment planners will talk to you about your options in order to get you as a customer.
If you are wanting to close this $2k account, one option might be to roll it into a regular IRA first, recover the taxes you paid on the original $5K (you pay upfront taxes on Roth contributions), and then roll the regular IRA back into a Roth, now paying taxes just on the $2K that remains.
Again, talk to a professional who is certified to guide these decisions and who can fully understand your current life situation and the volatility of the market.
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