investmentchallenged wrote:I've recently an inherited a Beneficiary IRA annuity from my mother. My mom invested her 401K into a beneficiary IRA for me to inherit. She has recently passed away before turning 70.5 years old, I'm eligible for approx. 3% of value this year (?RMD?) and now her investment broker would like me to reinvest this money, over $250,000, into a similar beneficiary IRA account. I'm currently in my mid 40's,without heirs and am quite challenged with financial investments. I've been advised from well meaning friends to seek advice from Fee-only financial planners to speaking with someone from Edward Jones investments or possibly Fidelity Investments. What would you advise me to do?
Hello and welcome to the forum. Inherited annuity IRAs can be complex. Given the complexity and your admitted challenge with financial investments, as well as the high value of this account, I recommend getting paid hourly advice from an expert who can help you understand the specific contract and its terms and what your options are, including doing nothing (which might be the best option).
I recommend going slow. For example, this:
now her investment broker would like me to reinvest this money, over $250,000, into a similar beneficiary IRA account.
Sounds like a clever way for her broker to rip off two generations and transfer even more of your late mother's wealth into your broker's account. The broker already made a very nice commission on the initial transfer, and now he/she wants to do it again.
Also, stay away from Edward Jones. Search the forum here for plenty of posts that will tell you why.