Speaking of IRAs (see above), an IRA that’s relatively modest, when you retire, can generate millions of dollars for yourself and your beneficiaries, if distributions are extended over several decades. However, many things can go wrong if you have an uncooperative custodian.
How can you choose the right bank, broker, or mutual fund company handling your IRA?
Don’t deal with the person sitting behind the customer service desk or a phone rep. Chances are, that person has little or no training on complex IRA issues. Look for a separate pension department. Specialists are needed to keep up with all the rules. Small institutions that try to “make do” with general counsel make not have enough know-how.
Interview the custodian’s pension specialists. If significant amounts are involved, it’s worthwhile to get together with representatives of the institution before making any commitments. Look before leaping. Before placing your money with an IRA custodian, find out if it permits the stretch out IRA you desire.