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jordon6001 · 10-31-2007, 03:03 PM

I have 3 IRA accounts, and I'm tired of their cyclical ups & downs. I'm nearly 50 yrs old, and would like to - simply put - place them into a simple interest bearing account NO LONGER tied to the stock market, money markets or such. I'd like to maintain the tax deferral of the original IRA, and keep them put until proper time to withdrawl. Can one of my local banks / credit union / Savings institution do that? 101807 5:00 NO they are NOT Roth IRA's.... and Now, I'm getting Contradictory Answers! HELP! Mikee - My IRA's are: Putnam Voyager Chase (savings - very low interest) Fidelity Magellan & Growth Company John - you're so funny! Thanks for your honesty, bearded wonder! =)

papen · 10-31-2007, 03:03 PM

sure this can be done. just open a new IRA in a local bank with just a interest bearing account and rollover the others directly in to the new one. but fifty is way to young to do this. seek some one at one of the brokerage houses to help roll all the Ira's into a single account into a interest bearing account

I'm right us tax law says so

Wastedspace · 10-31-2007, 03:03 PM

Not if it is a traditional IRA. It can be done if its a ROTH.

UFOexist · 10-31-2007, 03:03 PM

No. You will lose your tax deferred status.

Luca · 10-31-2007, 03:03 PM

I don't think people understand what you meant by "tax deferral". You can maintain your "tax deferral" status (ie that you will not pay taxes until you take the money out of your account) by moving your account to someone who offers a simple interest account.

The key is that you need to find an IRA custodian who will allow the money to sit in a bank account and collect interest for you. You should check with the people who you currently have your account with and see what they offer and then check with your local banks/credit unions and see who offers the best rates. You will probably want some CDs as they give more interest than just putting the money in a bank account.

jonny · 10-31-2007, 03:03 PM

You cannot take them out of the tax-deferred IRA status without penalty. What you can do is open an IRA at a bank and transfer your other IRAs into it. The new IRA can be invested in a bank money-market account (FDIC insured) or CDs as you wish.

Storm · 10-31-2007, 03:03 PM

It has to be in an IRA in order to get the tax status, IE avoid taxes and penalties. You can open an IRA at any bank, credit union, brokerage, or mutual fund. Any bank or credit union can open an IRA in which your money is invested in a simple money market. All you have to do is roll your money from your current IRA to a new IRA.

Where are your IRA's invested with now? There should be an option for a money market fund, GNMA fund, or money managed fund that is not tied to the stock market.

By the way... The stock market (not including Nasdaq) is sitting at a virtual all time high. Your account should be larger than ever. What are you currently invested in?

save123 · 10-31-2007, 03:03 PM

you can either open an ira with your bank or with most brokerage firms you can also purchase cd's and put your money in them instead of the market

quicken · 10-31-2007, 03:03 PM

Sure, you can do that. I would suggest going to your local bank, the one that you have a personal relationship with your banker, and tell them that you would like to Rollover your IRA accounts into an IRA CD with the bank. I'm certain they would love to help you to accomplish it. It should only take the application form to open the IRA CD and 3 rollover requests from your current IRAs to get it accomplished for you. When you are at the bank you also might want to consider discussing a Fixed Annuity IRA. They are very similar to CDs and in many instances offer a higher fixed rate return on your money all while keeping your money tax deferred. Hope this helps!

bodyguard · 10-31-2007, 03:03 PM

Iam British having got a clue

10-31-2007, 03:03 PM	#1
jordon6001 Greenhorn Join Date: Mar 2007 Posts: 9 Rep Power: 0	May I desolve my standard IRA's into simple Interest bearing accts w/o losing tax deferral status? I have 3 IRA accounts, and I'm tired of their cyclical ups & downs. I'm nearly 50 yrs old, and would like to - simply put - place them into a simple interest bearing account NO LONGER tied to the stock market, money markets or such.<br /><br />I'd like to maintain the tax deferral of the original IRA, and keep them put until proper time to withdrawl. Can one of my local banks / credit union / Savings institution do that?<br /><br />101807 5:00<br />NO they are NOT Roth IRA's....<br /><br />and<br /><br />Now, I'm getting Contradictory Answers!<br />HELP!<br />Mikee -<br />My IRA's are:<br />Putnam Voyager<br />Chase (savings - very low interest)<br />Fidelity Magellan & Growth Company<br />John - you're so funny! Thanks for your honesty, bearded wonder! =)<br />

10-31-2007, 03:03 PM	#2
papen Greenhorn Join Date: Jul 2006 Posts: 21 Rep Power: 6	May I desolve my standard IRA's into simple Interest bearing accts w/o losing tax deferral status? sure this can be done. just open a new IRA in a local bank with just a interest bearing account and rollover the others directly in to the new one. but fifty is way to young to do this. seek some one at one of the brokerage houses to help roll all the Ira's into a single account into a interest bearing account I'm right us tax law says so

10-31-2007, 03:03 PM	#3
Wastedspace Greenhorn Join Date: Jul 2007 Posts: 22 Rep Power: 5	May I desolve my standard IRA's into simple Interest bearing accts w/o losing tax deferral status? Not if it is a traditional IRA. It can be done if its a ROTH.

10-31-2007, 03:03 PM	#4
UFOexist Greenhorn Join Date: Jul 2006 Posts: 11 Rep Power: 0	May I desolve my standard IRA's into simple Interest bearing accts w/o losing tax deferral status? No. You will lose your tax deferred status.

10-31-2007, 03:03 PM	#5
Luca Greenhorn Join Date: Jul 2006 Posts: 20 Rep Power: 6	May I desolve my standard IRA's into simple Interest bearing accts w/o losing tax deferral status? I don't think people understand what you meant by "tax deferral". You can maintain your "tax deferral" status (ie that you will not pay taxes until you take the money out of your account) by moving your account to someone who offers a simple interest account. The key is that you need to find an IRA custodian who will allow the money to sit in a bank account and collect interest for you. You should check with the people who you currently have your account with and see what they offer and then check with your local banks/credit unions and see who offers the best rates. You will probably want some CDs as they give more interest than just putting the money in a bank account.

10-31-2007, 03:03 PM	#6
jonny Greenhorn Join Date: Jul 2006 Posts: 17 Rep Power: 0	May I desolve my standard IRA's into simple Interest bearing accts w/o losing tax deferral status? You cannot take them out of the tax-deferred IRA status without penalty. What you can do is open an IRA at a bank and transfer your other IRAs into it. The new IRA can be invested in a bank money-market account (FDIC insured) or CDs as you wish.

10-31-2007, 03:03 PM	#7
Storm Greenhorn Join Date: Jul 2006 Posts: 24 Rep Power: 6	May I desolve my standard IRA's into simple Interest bearing accts w/o losing tax deferral status? It has to be in an IRA in order to get the tax status, IE avoid taxes and penalties. You can open an IRA at any bank, credit union, brokerage, or mutual fund. Any bank or credit union can open an IRA in which your money is invested in a simple money market. All you have to do is roll your money from your current IRA to a new IRA. Where are your IRA's invested with now? There should be an option for a money market fund, GNMA fund, or money managed fund that is not tied to the stock market. By the way... The stock market (not including Nasdaq) is sitting at a virtual all time high. Your account should be larger than ever. What are you currently invested in?

10-31-2007, 03:03 PM	#8
save123 Greenhorn Join Date: Jul 2006 Posts: 20 Rep Power: 6	May I desolve my standard IRA's into simple Interest bearing accts w/o losing tax deferral status? you can either open an ira with your bank or with most brokerage firms you can also purchase cd's and put your money in them instead of the market

10-31-2007, 03:03 PM	#9
quicken Greenhorn Join Date: Jul 2006 Posts: 27 Rep Power: 6	May I desolve my standard IRA's into simple Interest bearing accts w/o losing tax deferral status? Sure, you can do that. I would suggest going to your local bank, the one that you have a personal relationship with your banker, and tell them that you would like to Rollover your IRA accounts into an IRA CD with the bank. I'm certain they would love to help you to accomplish it. It should only take the application form to open the IRA CD and 3 rollover requests from your current IRAs to get it accomplished for you. When you are at the bank you also might want to consider discussing a Fixed Annuity IRA. They are very similar to CDs and in many instances offer a higher fixed rate return on your money all while keeping your money tax deferred. Hope this helps!

10-31-2007, 03:03 PM	#10
bodyguard Greenhorn Join Date: Jul 2006 Posts: 27 Rep Power: 6	May I desolve my standard IRA's into simple Interest bearing accts w/o losing tax deferral status? Iam British having got a clue

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