Should I open a Fidelity Go account using my roth ira?
Summary of User’s Inquiry and Responses:
- The main problem reported by the user, Amy, is uncertainty about whether to convert her existing Roth IRA to a Fidelity Go account or to open a separate account, along with questions about investment limits and the pros and cons of this decision.
- Fidelity explained that Fidelity Go is a robo-advisor that manages investments automatically based on user-defined strategies.
- Amy can convert her existing Roth IRA to Fidelity Go while retaining her account number and other features, or she can choose to open a new account instead.
- In 2023, the contribution limit for IRAs is $6,500 for those under 50 years old, and $7,500 for those 50 and older, which still applies if she converts her account.
- Fidelity suggested that Amy visit their FAQs for more detailed information about Fidelity Go.
- For further discussion, Fidelity recommended Amy check out the investing-talk channel to engage with other users about her concerns and questions.
Here’s the full thread
hello, i currently have a roth ira account through fidelity. i was looking through the website and i saw this fidelity go investing option.
-does this automatically invest for me so i can just sit back and watch it grow (<25k)?
-should i convert my roth ira to open this fidelity go account or should i open a separate account for it?
-what other info do i need to have enough knowledge to continue?
-is there a 6,500 limit on the go account or is that unlimited?
-what are the pros and cons associated with opening a go account?
Thank you for reaching out to us, @amy j! Happy to address your questions regarding the Fidelity Go account.
Let’s start with a little background on Fidelity Go. Fidelity Go, our robo advisor, is a digital financial service that makes investing quick, easy, and affordable. Start by answering a few questions online, and then we build a strategy to meet your needs. From there, we would handle the investing so you don’t have to.
If you have an eligible Fidelity brokerage or retirement account, such as a Roth IRA, you can convert it to Fidelity Go. When converting an account, you will retain your existing account number, along with other features like beneficiary designations, automatic deposits, and automatic withdrawals, if applicable.
If you choose to open an account, we’ll display any Fidelity accounts that are eligible to be converted. That being said, it is your choice to convert an eligible account or open a new account.
You must still abide by the contribution limits for IRAs. In 2023, you can contribute a maximum of $6,500 across your IRAs if you’re under age 50, or $7,500 if you’re age 50 or over.
You can learn more about Fidelity Go by visiting our FAQs. Simply click on the link below.
Fidelity Go FAQs: https://www.fidelity.com/managed-accounts/fidelity-go/investment-account-faqs
We appreciate your interest in Fidelity Go! Let us know if you have any additional questions. 🟢
what are the pros and cons for using my roth ira to make a go account? what would be some questions i should ask myself?
Thanks for the follow-up, @amy j.
While we are unable to provide advice here on Discord, you might consider visiting our # 💰︱investing-talk channel to discuss this with other users. 🟢