Last year I opened a Roth at Fidelity to get a free $150. I have another Roth at another institution that is more than 5 years old and I just turned 59.
I also have my emergency fund at Fidelity in a brokerage account. I was thinking that it is a no brainer to move money from my emergency fund to my Roth - $7,500 now and $7,500 in January. The money sits in SPAXX, so that gives me tax free interest, but I can immediately transfer money between accounts if I have a true emergency and need the money. Can't afford to fund the Roth from other sources, so think this is a reasonable solution. Tax free interest now, plus the ability to invest later if I come into more funds.
Am I missing anything? Does anyone have experience with Fidelity moving money from Roth to brokerage? I am assuming it is seamless, but if there is an issue I would like to hear it.
I also have my emergency fund at Fidelity in a brokerage account. I was thinking that it is a no brainer to move money from my emergency fund to my Roth - $7,500 now and $7,500 in January. The money sits in SPAXX, so that gives me tax free interest, but I can immediately transfer money between accounts if I have a true emergency and need the money. Can't afford to fund the Roth from other sources, so think this is a reasonable solution. Tax free interest now, plus the ability to invest later if I come into more funds.
Am I missing anything? Does anyone have experience with Fidelity moving money from Roth to brokerage? I am assuming it is seamless, but if there is an issue I would like to hear it.