Retirement Savings For Trading Stocks
Q: I was with the City, and where is my City retirement fund? I cannot call it a retirement fund, because I was cut off before I could work for the Los Angeles City for 5 years - a minimum qualifying period of time. I just want the money which was deducted from my payroll for the retirement purpose back, plus the interest, but not the employer's contribution, because I paid the annual income tax for it already in the yearly tax report, except for the interest. Although I was a peanut earner, every penny counts in trading stocks.
A:
Actually, if you are good at day or position trading, an IRA or tax
exempt account is a great way to do it because of no capital gains.
Should be easy enough to roll your funds into a brokerage IRA account,
and off you go...
I don't really know what you are talking about. If you are talking
about a retirement plan, you contribute to a
like a 401 K. If you are vested in a plan, it would really be stupid to
take out your contribution. You'd be losing MUCH more than you
would gain.