Holdings are in a standard brokerage account worth about 200k and 8% returns annualized average. And since this, I’ve learned about retirement and investing through research and now I want to contribute! Really my main question is this, should I contribute to this account and its holdings, buy new positions within the account or create an entirely new account with all different holdings, i.e an IRA(which is what the financial advisor that came with this account suggests).
My main focus is to use this inheritance to jump start my retirement savings. In my mind no matter what i choose to do i should end up with the “same” outcome or returns because id still be contributing the same amount each week or month. Assuming whatever option i go with also ends up giving me 8% returns. I probably answered my own question lmao
Also I promise I’m not looking to flex, I’m just trying to figure out the best use of this blessing! Thanks in advance for the advice.
Inherited a brokerage account, now interested in contributing
byu/goodguyeugene inpersonalfinance
Posted by goodguyeugene
3 Comments
Max out your IRA first – that tax advantage is huge. The inherited account is already doing well at 8% so just let it ride while you focus new contributions on tax-advantaged accounts. You’ll basically have a head start on retirement AND get the tax benefits on fresh money
It sounds like you have about $200k in a brokerage account and you’re not sure what to do with it.
Max out your 401k and Roth IRA every year, and draw from that account to offset the reduced income.
Beware financial advisors – there’s a section on investing in the wiki and a section on financial advisors you should check both out
Start here: https://www.reddit.com/r/personalfinance/wiki/commontopics.