2 IRA”s another question

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L1: 2 IRA”s another questionHi,
Thanks for the reply. I am looking for some clarification:
We have our IRA with AG Edwards, we have bonds, and mutual funds, and we have cash in their money market (of course at only.25% ) We want to buy a short term CD until we decide where to put the money for investment.We found a local bank offering 2% for 4 months..I called our guy at Edwards and he said the best he could get at 2% was for 12 months.( He said his company does notdeal with the bankselling this CD)Problem is our guy at AG said if we want to buy the CD we have to switch our entire account to the bank, cash in the bonds and mutuals. I thought I had read somewhere that you can have more than 1 IRA. We take our SEPPonce a year. Since we are not 591/2. I don’t want to get slammed with any penalties. Therefore, I am assuming AG has to do the buying of the CD.
Any help would be greatly appreciated.
Thanks,
Angie
2004-05-26 19:01, By: Angie, IP: [68.56.211.3]

L2: 2 IRA””s another questionGood morning Angie.
First of all I do not work for AG Edwards but I am an Investment Advisor. Tried posting this earlier but something must have timed out on me.
What caught my attention in your question was your statement that you want to waituntil we decide where to put the money for investment. My suggestion is to focus on getting a plan for your investments as soon as possible and not worry about getting 2% for 4 months. I have seen people do this and wind up waiting almost forever and their 4 months turns into several years. Whether you get a computer program and run the plan yourself or go to a professional Financial Planner, or even use your broker, you probably would be better off by getting the plan designed and implimented rather than worrying about 2% vs 0.25%. I agree the low interest rates are a bummer, but that’s the environment we live in today.
Good luck.
Jim2004-05-27 09:11, By: Jim, IP: [68.225.115.136]

L2: 2 IRA””s another questionHi,
I totally agree with you, We want the money working for us.However, it was our broker who suggested a short term CD until “things” (as he put it) get better. He wanted us to do 6 months for 1.55% which his company sells.
Angie
2004-05-27 12:47, By: Angie, IP: [68.56.211.3]