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Ask Fidelity

We know saving for retirement is a top priority for many investors. No matter where you are in the planning process, you may have questions. We can help. Check out the questions we've already answered, or if you're a Fidelity customer, submit your own. We'll post replies to selected questions on a weekly basis.

Ken and Sarah answer your questions

ask-fidelity-retirement-team

For more than 60 years, through all kinds of market conditions, Fidelity has been helping people like you pursue their financial goals. Ken Hevert and Sarah Walsh, who lead our Ask Fidelity team, have spent decades helping investors understand retirement strategies. They can help put Fidelity’s expertise to work for you.

Learn more about Ken and Sarah.

(660 Questions : 659 Answers)

Q&A for Answers to Customer Retirement Questions Category

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Answers to Customer Retirement Questions

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Q: 
I recently withdrew cash from my Roth IRA with the intention of depositing it into a Roth with another company. The money moved from my Roth into my joint checking account and I was going to write a check from there. I know I have 60 days to complete the transfer. However, I have changed my mind. I want to know how to redeposit the money back into my Fidelity Roth IRA. I have tried to do an EFT from my checking account back into my Roth online but it won't process the request because the amount is over the annual contribution limit. So how do I put my money back into my Roth before my 60 days are up so that I avoid the early withdrawal penalty?
Age: 35 to 44
3 weeks, 1 day ago
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Answers

A: 
Thank you for your question. I’m happy to help provide details on how you can roll the funds back into your Roth IRA.

As you mentioned, the electronic funds transfer (EFT) capability only allows for annual contribution amounts to be deposited into your IRA. There are a few other ways though that you can roll the funds you withdrew back into your Roth IRA.

1. You can use mobile check deposit through the Fidelity Investments app. Our app for smartphones and tablets is free to download. In addition to providing updated information on your accounts at Fidelity, as well as trading and research capabilities, you can also scan checks for deposit through the app.

If you’d like to proceed this way, you can write a check off of your joint account and scan it for deposit to your Roth IRA. The app will ask you to specify how the deposit should be recorded in your account, as an annual contribution or as a rollover. Additional information about this deposit capability can be found here: https://www.fidelity.com/mobile/mob...

2. You can write a check from your joint account and send it to Fidelity for deposit as a rollover at either of the following addresses:

Regular Mail:
Fidelity Investments
Attn: Direct Rollovers
PO Box 770001
Cincinnati, OH 45277-0037

Overnight Mail:
Fidelity Investments
Attn: Direct Rollovers
100 Crosby Parkway KC1H
Covington, KY 41015-0037

3. Finally, you can write a check off of your joint account and, if you live near one of our Investor Centers, bring it in for deposit. You can check to see where the nearest branch is here: http://www.fidelity.com/branchlocat...

I hope you find this information helpful. Thank you again for your question.

Sarah
2 weeks ago
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Retirement Investing
 
1 answer

Can I hold Canadian stocks in my Roth IRA?

Age: 55 to 64
1 month ago
by
 - Smyrna, TN, USA
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A: 
Thanks for your question about the holdings in your Roth IRA. Yes, you can trade Canadian stocks, along with those of 24 other countries in your Fidelity Roth IRA. You can also mix domestic and international stocks within a single Roth IRA. If you have additional questions about your Roth IRA, feel free to call us at 800-343-3548.

Ken
1 week, 4 days ago
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Q: 
Each IRA is around 24K and is invested in a number of funds. Each Roth charges us 40 dollars a month. I feel this is way to much. I don't trade much and don't plan on it. I think it gets rebalanced now and then and every month purchases to the different funds are made.
I put in 6.5k for myself and 5.5k for my wife. Maybe this is the going rate, I don't know but it seems high to me especially for such small account. If I were to transfer these to Fidelity and link them to my checking account and not trade much but contribute monthly, could I do better than 40 dollars a month per account when all of the fees are paid ?
Age: 45 to 54
1 month ago
by
 - Cedarburg, Wisconsin
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A: 
Thanks for the question about fees related to your Roth IRA. While there can be fees, like low balance fees or fees that are specific to the investments held within your account, there are no monthly maintenance fees associated with having a Fidelity Roth IRA.

Give us a call at 800-343-3548 if you want to discuss ways to avoid investment-specific fees in your IRAs.

Ken
1 week, 4 days ago
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Retirement Investing
 
1 answer

Retirement for Son

Q: 
My son has just turned 21 and He would like to start saving for retirement. There is no retirement plan at his current job, but he would like to have regular deposits made from his checking account. He would like to start out with $3000 initially. Is there a minimum amount needed to start? I was thinking about a Roth IRA since the money is after taxes. Would He have the same investment options as I have from the Comau group? He is also interested in buying stocks sometime in the future.

Thanks
Age: 55 to 64
1 month ago
by
 - Michigan, USA
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A: 
Starting to save early is the easiest way to make sure you have enough for retirement, so it’s great that your son is already thinking about this. A Roth IRA could be a good way to get your son started saving for retirement. There is no minimum amount to open and fund a Roth IRA, but some investment options will have minimums associated with them (e.g., most mutual funds).

With a Fidelity Roth IRA, he would have all of the options available in our full brokerage account. You can find more information about opening a Roth IRA on this page: https://www.fidelity.com/retirement...

Thanks for the question.

Ken
1 week, 4 days ago
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Other Topics
 
1 answer

When I retire (in 4 years @age 67)

by
 - Bengaluru, Karnataka, India
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Q: 
Hello,
I currently have my 401K with Fidelity. ($400+)
I am currently paid in America, work in India, but I am English and will eventually retire in England.
I will get a full American Pension from Social Services.
My Pension will put me above the tax threshold.
So I will pay tax on each withdrawal from my 401K.

Why shouldn't I just cash in my 401K at retirement, pay tax, then close it down?

Or are there any cool ways to minimize tax?

Thanks for your guidance.

Andrew
Age: 55 to 64
1 month ago
by
 - Bengaluru, Karnataka, India
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A: 
Thank you for your question. “Cashing out” your 401(k) is almost never a good idea. Your cash distribution will be subject to state and federal taxes and, before age 59½, an early withdrawal penalty may apply. You may want to consider withdrawing the funds over time in order to spread the income tax liability across many years.

Also, once funds are taken out of a tax-deferred account like the 401(k) you have, you lose the ability for those assets to grow tax-deferred. Over time, earnings generate their own earnings, helping an investor accumulate more money than you would in an ordinary taxable account. If you retire at 65 and live until 92, you could be missing out on tax-deferred growth and earnings for close to 30 years.

One thing you could consider would be contributing to either a Roth IRA or Roth-designated 401(k). Money contributed to a Roth is generally post-tax, grows tax-free and is generally tax-free upon withdrawing it later on in retirement. You could check with your plan to see if they have a Roth-designated 401(k) option and consider contributing to that instead of your current, pre-tax contribution plan.

If you are interested in learning more about Roth conversions or Roth IRAs, please take a look at these Fidelity Viewpoints® articles on the topic: https://www.fidelity.com/viewpoints... https://www.fidelity.com/viewpoints... or, https://www.fidelity.com/viewpoints...

Thanks again for your question and I hope that this information helps you in figuring out what the right choice may be for your situation.

Sarah

Important Additional Information:
A distribution from a Roth IRA is tax-free and penalty-free provided that the five-year aging requirement has been satisfied and one of the following conditions is met: age 59½, death, disability, qualified first time home purchase.
2 weeks, 6 days ago
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