04-03-2017, 09:21 AM
Some banks will do that for you, look into yours to see if you can participate into that kind of rollover program.
The thing with investment accounts, mutual funds, even 401k/roth 401ks is you have to understand what the account fees will be too. So I would do some research into the accounts that they are putting your money into to see if they carry any additional fees themselves, or you may get double dipped on fees to them and the account administrative company. Since you have plenty of savings, it probably makes more sense to just save up a chunk of money, research funds that have low fees / historically good yields and then buy-in when the market takes a dip. Auto-investing options (also true for 401ks) don't give you the benefit of buying in at a low mark. If you don't feel comfortable doing the research yourself you can find a reputable Certified Financial Advisor to assist (my brother happens to be one on an elite Merrill team in DC if you need someone you can trust). CFA's aren't just for rich people. My feeling has always been unless you are an expert in investing (basically no layperson is no matter how much they think that they are) I would prefer to leave it to professionals that research and track the markets for a living and have the results to prove it. CFAs come with their own sets of costs and the plans of course usually have administrative fees as with any investment, but you get the benefit of knowledge and access to stuff you probably wouldn't normally know about on your own. The biggest advantage is you can set up a specific game plan to reach your financial goals, vs just throwing money at the market to see what happens.
The thing with investment accounts, mutual funds, even 401k/roth 401ks is you have to understand what the account fees will be too. So I would do some research into the accounts that they are putting your money into to see if they carry any additional fees themselves, or you may get double dipped on fees to them and the account administrative company. Since you have plenty of savings, it probably makes more sense to just save up a chunk of money, research funds that have low fees / historically good yields and then buy-in when the market takes a dip. Auto-investing options (also true for 401ks) don't give you the benefit of buying in at a low mark. If you don't feel comfortable doing the research yourself you can find a reputable Certified Financial Advisor to assist (my brother happens to be one on an elite Merrill team in DC if you need someone you can trust). CFA's aren't just for rich people. My feeling has always been unless you are an expert in investing (basically no layperson is no matter how much they think that they are) I would prefer to leave it to professionals that research and track the markets for a living and have the results to prove it. CFAs come with their own sets of costs and the plans of course usually have administrative fees as with any investment, but you get the benefit of knowledge and access to stuff you probably wouldn't normally know about on your own. The biggest advantage is you can set up a specific game plan to reach your financial goals, vs just throwing money at the market to see what happens.
Posting in the banalist of threads since 2004
2017 Mazda CX-5 GT AWD Premium
Past: 2016 GMC Canyon All Terrain Crew Cab / 2010 Jaguar XFR / 2012 Acura RDX AWD Tech / 2008 Cadillac CTS / 2007 Acura TL-S / 1966 5.0 HO Mustang Coupe
2001 Lexus IS300 / 2004 2.8L big turbo WRX STI / 2004 Subaru WRX / A couple of old trucks
2017 Mazda CX-5 GT AWD Premium
Past: 2016 GMC Canyon All Terrain Crew Cab / 2010 Jaguar XFR / 2012 Acura RDX AWD Tech / 2008 Cadillac CTS / 2007 Acura TL-S / 1966 5.0 HO Mustang Coupe
2001 Lexus IS300 / 2004 2.8L big turbo WRX STI / 2004 Subaru WRX / A couple of old trucks