What to do with old brokerage account

[freshsqueezed]

We have an old brokerage account opened years ago more than anything for the hell of it. It was opened with $3k and us now around $6k. Is there anything we can do with this? We didn’t know what we were doing back then and should have opened a Roth IRA or something. Anyway, too late for that now but should we sell it off and do that or something else now before it grows for another 20+ years in a standard brokerage account?

[ohgillian]

Well, there's no harm in it where it is I guess. Do you have Roth or Traditional IRAs at a different brokerage? Or is this at the same place as your other accounts? If you don't want to invest it as is, you could use it as a contribution to your IRAs. What does it contain? I mean, what is it invested in?

[freshsqueezed]

Dec 23, 2020 8:59:08 GMT -5 ohgillian said:

Well, there's no harm in it where it is I guess. Do you have Roth or Traditional IRAs at a different brokerage? Or is this at the same place as your other accounts? If you don't want to invest it as is, you could use it as a contribution to your IRAs. What does it contain? I mean, what is it invested in?

It is in the same place as IRAs - Vanguard - and is just in a basic Vanguard fund.  I was thinking if I sell it now and contribute to Roth it could continue to grow but grow tax free

[goldengirlz]

I’m sure you’re familiar with the income and contribution limits for a Roth. So if you don’t need the money now, and don’t think you’ll need it for a rainy day in the near future, then rolling it into a retirement account makes sense.

It just depends on your goals for the money and whether you value flexibility or long-term growth.

[sadlebred]

I'd put it in a ROTH if you are eligible. You can always take the contribution money out if you need to.