- April 13, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Requesting Early Withdrawal from IRAs at First Command Bank
I currently have my Individual Retirement Accounts (IRAs) with First Command Bank and have been contemplating pulling funds from them prematurely. I understand the consequences of early withdrawal, including penalties, but I am not currently making contributions to these accounts. The funds are essentially stagnant and losing value, while I have pressing debts to clear and a desire to resume contributing to my retirement savings. After careful calculations, I believe that bearing the penalty would ultimately benefit my financial situation.
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## Advisor Suggestions and Limited Options
However, my advisor has been insistent on the idea of either myself or my wife obtaining a second job to supplement our income. Unfortunately, this is not a feasible option for us at the moment. I am still actively serving in the military, while my wife is a full-time student and stays at home with our children. Given our current commitments and responsibilities, taking on additional employment is not a practical solution.
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## Seeking Clarity on Advisor’s Role
I understand that financial advisors are tasked with providing advice and guidance, but I am hesitant about whether it is normal for advisors to hinder or discourage clients from accessing their funds when they believe it is in their best interest. While I value my advisor’s input and expertise, I also want to ensure that I have the autonomy to make decisions that align with my financial goals.
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****** just grabbed a
Why are they losing value? They shouldn’t be in this market.
Is this a Roth IRA? Contributions can be withdrawn penalty free at any time. Just don’t withdraw earnings. It’s normal advice, yes. That said – you don’t need an advisor and should move away from First Command ASAP.
Fucking first command… Are these shysters still operating with impunity?
You seem pretty clueless as to what you are investing in and paying First Command a lot of money for it. An advisor should be educating you as you are paying for this service. Trust me, you may not realize you are directly paying fees to them but you are.
Most Franklin Templeton mutual funds are either front loaded or back loaded with sales fees, meaning every time you contribute to the funds, you are charged a fee, say 5% as an example. Each time you contribute $1,000, they take $50 off the top and only $950 actually gets invested. This is a front loaded fee since it is taken off the front end. Back loaded fees are the opposite. They probably charge annual maintenance fees as well.
As far as your question though, of course your advisor wants you to keep your IRA, even if you are not actively contributing to it right now. First reason is b/c they get a commission as long as your account is open (remember you are being charged fees and they benefit from this). Second, it is not a good idea to take money out of a retirement account before you reach retirement b/c you lose out on the potential for growth, which is the point of investing for retirement at an early age. Anyway, if you are adamant about withdrawing funds from your IRA, I would tell your advisor this is not negotiable and to facilitate the request. If they refuse, I would elevate it to their supervisor, while making sure to transfer or close my account and move to a brokerage with better options and reputation. I I recommend doing some basic research before just jumping in to investing again though.