Over 250K in IRA - how to handle for FDIC

[Anonymous]

My IRA just went over $250k. The portion over $250K, I understand, is not covered by FDIC. What should I do? Should I roll over some of it to another bank?

[Anonymous]

Is your IRA invested in stocks or bonds or mutual funds? If so, it's not covered by FDIC.

If it's a savings account, money market account, CD, then it is FDIC insured, and you should open another account at another bank.

[Anonymous]

Anonymous wrote:Is your IRA invested in stocks or bonds or mutual funds? If so, it's not covered by FDIC.

If it's a savings account, money market account, CD, then it is FDIC insured, and you should open another account at another bank.

Also, unless you're retiring next week you might want to think about adding some risk to your portfolio and investing some of that $250k. Interest rates are so low right now you wont' get much in savings or money market.

[Anonymous]

CDARS

[Anonymous]

why not put it with Fidelity, Vanguard, Etrade etc.
You can still put it in a very conservative investment - but nothing is going to keep your IRA "safe" from market volatility unless you put it under your mattress - even then its subject to deflation and inflation. Or you could put it in a money market which would be

Not sure why you would have THAT much money in a bank account of any kind.

[Anonymous]

First response was the right one. IRAs are not FDIC protected - at all. Online brokers can sweep some of it into an FDIC protected account overnight, but retirement funds, unless you're over 65 should probably not be sitting in cash.