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Help with ameriprise
Old 08-11-2012, 04:59 PM   #1
Confused about dryer sheets
 
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Help with ameriprise

Hi,

I inherited a retirement IRA a few years ago and had it set up with a bank, the financial advisor left at the bank where i moved it to, and someone recommended Ameriprise. I am not good with knowing what types of fees are charged,, so any help I can get on here will be greatly appreciated. I did not put all of my money with ameriprise, even though the advisor wanted me to, but they have roughly 150k since last November. ( I called for the amount toay) 100 in a 10 year annuity, 40 in some industrial thing and 15k (which was sitting in limbo from a fixed account at the bank and he moved it to ameriprise. Anyway, I do not seem to be making money, The advisor at ameriprise received 600.00 in a signing check from me at signing last year. I was told by the other advisor at the first bank I had the money, that since taxes were not paid on the inherited accounts, the Irs wants me to take them out within 5 years of inheriting them. The advisor at ameriprise said that is not the case and I foolishly put 100k in with riversourse. I want to take all my money out of ameriprise as I do not feel it is making anything, I am exactly where I was a few years ago except for a fixed account ( which he wanted tranferred to ameriprise and I refused. ) That is the only thing that has made me money and a savings account. I can't even tell what type of fees ameriprise takes out, but my gut feeling is this is a losing situation. My paperwork states an early termintation is almost 10 grand of the riversourse, but I am not sure what else they will take from the others. Can anyone refer a company to use? I am willing to lose the 10 grand for the riversourse just to get rid of them now. Thank you so much, sorry for being ignorant, but I just don't know about these things as I should.
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Old 08-11-2012, 05:01 PM   #2
Confused about dryer sheets
 
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I meant to say I called today and the amount was 150,200 and he invested 155,000 last year.
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Old 08-11-2012, 05:02 PM   #3
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Cindy, welcome to the forum. You might want to start by reading the information available here:

How to leave Ameriprise, need help!
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Old 08-11-2012, 05:11 PM   #4
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Originally Posted by REWahoo View Post
Cindy, welcome to the forum. You might want to start by reading the information available here:

How to leave Ameriprise, need help!
Welcome from me too! REWahoo gave you a good link. Ameriprise has been discussed a lot here. You're very smart to question things and ask questions. Hope to hear more from you
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Old 08-11-2012, 05:13 PM   #5
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I apologize in advance for writing something cynical, so I'm sorry.

I think you have to be very careful because you will probably end up jumping from Ameriprise to another place that is like Ameriprise. If you take your $150,200 and lose $10,000 to get out and then put your $140,200 at another similar place, you will not have accomplished anything except wasting $10,000. And next year, you might be posting here asking about $130,000 that's left.

So what to do? I think you have to stop and think. Perhaps read some books on investing.

You probably should also learn about inherited IRAs because the rules are tricky. You probably need to take a Required Minimum Distribution every year if you want to minimize taxes and make it last a long time. Otherwise, you will be required to withdraw it all within 5 years.

Anyways, lots to learn and it cannot be done from a few posts on an internet forum. You are going to have to work at this. Think about it this way: How many books would you read and how much learning would you do if someone paid you $10,000?

And .... Welcome to the forum!
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Thank you
Old 08-11-2012, 08:14 PM   #6
Confused about dryer sheets
 
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Thank you

Thanks so much for taking the time to reply, as someone who probably will never be good at investing, I have heard horror stories and thought I'd ask here. Thanks again for taking time out, I will look up the info about ameriprise.
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