[Jamie]

I need some help.. so my retirement plan from my last job isn’t making much money and I wanted to move it to fidelity to be able to manage it all in one place.

I called and the company told me it was an annuity despite I was always told by my old company it was a Simple IRA.

What I want to know is they said if I move it now I would be charged a fee of $412.83 but if I wait until January 2025 it would be $296.

If I wait five more years it would be $0 but I was thinking of waiting until January and then move it. Is that smart or just move it now???

I was 22 and this was the only retirement option at my last job so I thought I was doing the right thing by getting started but didn’t know it was an annuity.

[Mark]

if ur money is in an annuity, move it as soon as humanly possible to fidelity and get it properly invested.

$20 says uve been making less yield than a HYSA

[Casey]

Depends on how much is in it and the growth comparisons of the new fidelity account vs your old account.

If your hypothetical growth before January is better than the $118 difference for waiting until january do it now.

If it were me I’d get it into Fidelity now but if its such a high fee like 50% of what you have in there it might be worth just waiting and start putting extra money into fidelity and starting the account that way…

[Tara]

Stop. Before you listen to anyone else’s advice here, I would run this past a financial advisor with a CFP designation.

Yes, it probably is a simple IRA, but the annuity is the investment *within* the Simple IRA.

And the problem may be that the investments within the annuity contract aren’t aggressive enough for someone young.

What annuity company is the annuity held with?

Yes, annuities have higher underlying expenses, but they also also come with insurance benefits that those expenses are paying for.

You have to make sure you are comparing apples to apples.

[Jenn]

We dumped an annuity that cost us almost $10k to get rid of. Best decision ever.

Made the money up in months!

[Jessica]

I just moved mine because you will make that $ back much faster than keeping it

[Stefanie]

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