Example Can I give it to a relative to hold onto it for me?
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Why would you give your money to someone to hold on to? If you do that it will not earning any interest!
The best thing to do is see a financial advisor. Search the below website to find one.
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You just described the wrong place to park your money: with a relative.
I would recommend you explore a Roth IRA assuming you’re still working. You’ll be able to take out withdrawals tax free.
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You can not give IRA money to a relative to “hold”. Once money is taken out from your account is becomes taxable income, plus there is an extra 10% penalty due to the fact that you withdrawal funds before the age of 591/2. If you don’t feel comfortable in managing your investments, use a balanced fund offered by such mutual fund companies as the American Funds, TRowe Price, Fidelity or Vanguard. Balanced funds offer you downsize protection with upside potential.