what happends if an ira was invested in the stockmarket? is it safe to say that there is nothing left?
my stepmom just notified me that I was left money from my father’s retirement. He had an IRA but it was invested in the stockmarket. I have no clue what is to be coming my way. Since the market crashed, does this mean that he has little to no retirement? I want to know out of curiosity because I thought IRA’s were a good thing to have rather than a 401k.
It depends on what funds the IRA was invested in, and what type of IRA it was in (traditional or Roth). If it was Roth, you’ll get the remaining funds tax free, if it was Traditional, you’ll have to pay taxes on it. If your father planned correctly, he would’ve move the money into more conservative investments as he drew closer to retirement. It’s completely dependent on what it was invested in, but most likely there still most of it left.
CHART: Yellen to Crash Stock Market Worse than 1929