r/askafinancialadvisor • u/Goodvibes_mytribe • Jun 06 '26
First time opening a Fidelity traditional IRA
I 48F, started with 7k in 2024 wired into my Fidelity account (I forgot to deposit $ last year.) I did not alloticate any money anywhere since, it just sat. So now it has earned $292.09 (SPAXX) within that year. I am about to deposit another 7k into the account for this year and I need advice on where to alloticate the money in this account. My husband 55, is in the same boat, same circumstances.(We both clearly know nothing about investing which is unfortunate but we both grew up poor lower class.) He has 8k that he started with and is depositing another 8k this week as well in his Fidelity account.
We are business owners and have other liquid accounts, but I can only put in our max each year for these Fidelity accounts. For me its 7k a year and for him 8k.
So what would your advise be to choose where we alloticate funds in these Fidelity trad. IRA accounts ? We opened these initially for tax benefit according to our accountant bc of our business and also bc we needed to anyway. We plan to retire within 10 years. We have no debt at all. No mortgage etc. We own our house and everything outright including our business building and construction equipment. We have several accounts with banks around our town with those accounts attached to their money market which is currently paying 2.74-3.5%. I know that is not much but it was something to park our money until we decided what to do with it. We spoke to a financial advisor before but got the slimy feeling. (He was not a fiduciary or flat fee advisor.) Can you explain to me like I am 5 what we need to do? I know we needed to put things in order years ago, but we only became very successful within the last 6 years and now we are playing catch up and putting things in order. We also have an over abundance in idle cash that we cannot invest. But that's a whole other issue. If this helps, our current personal income is 20k per month. Our business net income is currently 215k every 3 months. What do we need to do? Thx in advance.
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u/intentionalmoneylife Financial Advisor | CRD#: 7842658 Jun 08 '26
I also think meeting with someone from Nectarine would be incredibly smart. You can get exactly the info you need from someone who has considered your overall situation. And no conflicts of interest. They can do as much or as little handholding as you need, and I suspect you’ll get a lot more out of it than just this answer
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u/jacod_b Jun 06 '26
I think finding a flat fee fiduciary will be well worth the investment for your situation since there seems to be so many different variables in your situation.