Hello:
I am planning on asking for my 10% in service distribution of my ESOP plan this coming spring from my current employer. This will amount to around $85000.00.
So I know that I will definitely need to have to open a Roth (or traditional ?)rollover account and have the check made out to the trustee to avoid the tax consequences (I am 48).
So I guess my question is what is the right choice in these types of things?
Do I just open one at my bank or are there better options than that?
I am clueless when it comes to investing, but given my age, does it make more sense to invest in a higher risk investment vehicle to maximize my returns on this money knowing that in 7 years I will qualify for my entire ESOP distribution which will still keep growing?
Is it possible to open more than 1 IRA account with this money? I thought you were limited to 1 transfer a year.
Another question would be is what is the best strategy to use if I absolutely have to take some of that money out for some sort of financial calamity? IOW are there ways to minimize the tax and penalty consequences of an early withdrawel?
Thanks for any feedback on this,
JQP