In the past, I had a 401(k) with my old company and rolled it over to an IRA at Invesco. A 401(k) is a type of retirement savings account in the US, which takes its name from subsection 401(k) of the Internal Revenue Code. An IRA (Individual Retirement Account) is a form of retirement plan that provides tax advantages for retirement savings in the US. A contributor can begin to withdraw funds after reaching the age of 59½ years for both the 401(k) and IRA. The money has been sitting with Invesco for a few years now and they have been taking out annual fees. Therefore, I decided to move the money to an Traditional IRA with JPMorgan Chase since I have other accounts open with them and they won't charge me any fees. I can add up to $5,000/year to this retirement account. I think this was a wise move of money. Hopefully, contributing to my retirement will allow me to retire at 59½ years old.
What did you do today?
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