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Money Market? Stocks?

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Rhea

Ideal_Rock
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Oct 20, 2007
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I put money into an IRA when I was younger, and have only just now gotten around to look at what exactly it is. It''s not much, but I truly have no interest in it. Most is in a money market. What is that?
 

Abril

Shiny_Rock
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Apr 1, 2008
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It''s like a savings account with a slightly better interest rate. You shouldn''t lose any value. It may or may not be FDIC-insured.
 

Rhea

Ideal_Rock
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Okay, thanks! The rest is in a stock that''s quickly losing value. I have much closer to the original amount I put in almost 10 years ago than I should. At one point the stocks had doubled and then some. I''ve never managed it so I guess my parents put it in the money market account a bit ago. Now I just need to figure out what to do with the thing. I guess it can sit in the money market account until I withdraw it without penalty?
 

Rhea

Ideal_Rock
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The small print seems to say that it''s FDIC insured, not covered by SIPC.
 

Abril

Shiny_Rock
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Apr 1, 2008
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Yes, it can sit in the money market, but the interest rate barely outpaces inflation. You probably have to wait until you''re 59.5 years old to withdraw it without penalty.
 
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