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Posted by on July 15, 2008, 3:16 pm
> I rolled into an IRA after being laid off. I want to know if it can
> be federally insured or if I want it to be federally insured, should
> I transfer it to a different bank ?
You can buy federally insured CDs, or you can buy Treasury bonds,
including TIPs (the Treasury Inflation Protected bonds - which
actually should *only* be purchased in a tax-deferred or tax-free
account).
Whether you want to or not, only you can know. But all those
"safe" securities have the tradeoff that with safety comes
much lower long-term returns. A retirement portfolio for
generally needs something which will grow faster than that,
unless it's a really huge portfolio to begin with.
Anyway, even inside that Fidelity account, you can buy
CDs from multiple banks and easily spread it out so that
no single bank has more than the FDIC limit worth of your
money.
> Another question is, If I have more than 100k, but in different bank
> accounts, will the government insure both accounts ?
FDIC insures up to $100,000 per category of account per
per bank (ie. you, your wife and a third account which
is you and your wife jointly may all be $100,000 each),
and up to $250,000 per qualifying retirement acounts
(ie. IRAs go up to $250,000).
Note that if you have a brokerage CD and there's a
failure at the bank, the FDIC insurance handles the
claim a little differently than if you have a CD
held directly at that bank. http://www.fdic.gov
offers some details about directly held assets (ie. in
the case of IndyMac, all non-brokered deposits
have been transferred to a newly chartered full-service
bank called, unsurprisingly, IndyMac Federal Bank.
Brokered deposits are being handled separately and
it'd be up to your broker to handle much of it as
far as I can tell.
http://www.fdic.gov/bank/individual/failed/IndyMac.html
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