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Veteran Services: Finance Questions

Finances

You're working, and you've got a family that depends on you - both now and down the road. Where do you invest your money? Do you borrow against the equity in your house? Through a preferred provider relationship with USAA, The American Legion can provide expert financial advice to just about any question.

Questions & Answers

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Financial Questions & Answers

Question:

I would like information about the benefit of transferring my IRA from a bank certificate of deposit (CD) to a USAA Retirement Fund. The amount is approximately $100,000 and I am presently 77 years of age. – James

Answer:

Our advice would be to call and talk with one of our advisors at 877-699-2654 to determine if such a move makes sense given the totality of your financial situation. Here are some considerations:
• Current interest rate: we’ve got plenty of clients with long-term CDs that they took out a few years ago with very attractive interest rates. If this is the case, you may not want to “break” your current CD.
• Flexibility: with a USAA IRA you would be able to utilize a wide range of accounts-- ranging from CDs and fixed annuities to mutual fund investments in stocks and bonds. Having all of this available in one place could be advantageous.
• Diversification: in the same vein, in most cases your portfolio should include a mix of different types of investments. Designed with the thought that some will “zig” while others “zag.” You can certainly diversify your portfolio here at USAA.
In the end, your goals, risk tolerance, tax situation, and time horizon should strongly influence the choices you make – we think USAA can help you pull all of those factors together into an appropriate plan.