401K Rollover ?? | 401k Questions

Question

Asked 7/17/2007

401K Rollover ??

I rolled my 401k from an old job into a IRA. It's been almost it's 3 yrs., can I now put that in a CD without a penalty??
I'm 47 and just want the $$ to make as much as possible in interest. I don't want to play the market.

Answers

Answer 1/2 - Submitted 7/17/2007

You can invest IRA money in a CD if the company which has your IRA money offers CDs, or if you want to transfer that money to another company that offers IRA CDs. When the CD matures, however, you can't take the money out and spend it, it is still IRA money subject to taxation and penalties if withdrawn before retirement age, unless you meet one of the exceptions.

Answer 2/2 - Submitted 7/17/2007

There would be no reason to put the money in a CD. Your IRA should have an option to invest the money in bonds. If you want security and no way to lose principal, this is the same as the CD.

The CD is not really a retirement tool like the IRA though. Your question doesn't have enough information to know what you want the money for. How old are you?

Ron, ChFC

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