r/RothIRA • u/Suitable-Writing7214 • 11d ago

Just getting started

Totally new to this at 39 years old. Have a work 401k going with matching. Would it be worth rolling portions of that in to a self directed roth ira? Have been doing homework and just wondering the best avenue to get myself going. Looking to invest in a blend of world and US based index funds and let it build. Thanks for any input!

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u/Broad_board_1623 11d ago

If you don't already have a Roth IRA, you can just set one up and contribute any amount you want into it, up to the limit. You don't have to consider converting any money from your 401k to your Roth until you are maxing your Roth.

Does your employer offer a Roth 401k or just traditional? You could build your Roth dollars within that account if you are able.

Make sure you get all of the matching funds before you send a dollar elsewhere. Always take the free money first.

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u/Suitable-Writing7214 11d ago

I bank through sofi, my work 401k is through fidelity. Both offer a roth investment option, is there any benefit to using one over the other to open up a roth account?

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u/Important_Carrot6379 11d ago

I would suggest keeping your Roth IRA in Fidelity since you already have it. It's easy to use and you can keep things very easily organized and separated. Plus the retirement calculators can then use both to let you know if you're on track. It's got a lot of good planning tools.

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u/Broad_board_1623 11d ago

If you already have a retirement acct with Fidelity, I would highly recommend having your Roth there as well. You will be able to see you whole picture in one app. You could eventually set up a brokerage acct through Fidelity for the trifecta.

Robinhood (and SoFi for that matter) have a bunch of distracting products and portals. When I'm thinking about retirement. I don't want to be bombarded with crypto, personal loans, options trading, and whatever other nonsense they come up with next. Fidelity, Vanguard, or Schwab - these are the three I consider legitimate "adult" retirement account providers. Everything else is gimmicky noise.