thinking about rolling over my money from an annuity ira to a Roth, it's not alot a couple grand from a roll over from a former employer that I forgot about. the thing is idk anything about investing so my question is can I put money in a Roth Ira without picking things to invest it in? like can it just sit there like it would in a bank account until I figure out what good investments would be?
also the person that opened the annuity for me a couple years ago said if I roll it over there'd be a percentage taken as a penalty and that each year the percentage goes down so I should wait till it's lower if I want to move it, is it worth waiting or should I just pay the penalty because the over gain in the long run would be better if I just move it now? I think it was like 7 or 9% penalty which doesn't seem too crazy so I can't tell if they're trying to just get me to keep it open longer for their benefit or actually wanna help me rollover the most amount of my money as possible.
original posted by iluna717 to r/personalfinance on Sat, 09 Mar 2024 07:34:59 GMT.