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| *Ostroff, Fair and Company>>>Personal Finance |
How do I get my IRA out of the dollar and into the Euro? |
My IRA is all in dollars which means that my planned European retirement is whittling away daily as the dollar slips. Can I sell me current mutual funds, converting them back to cash, then exchange the cash into Euros and then repurchase European mutual funds? I think u would have to withdraw your assets from ur ira, taking the penalty for such a withdrawal, and then open a new account with a bank that deals primarily in euros. u might consider talking to a financial planner and seeking more professional advice though. You can buy Euro Currency Futures as part of your portfolio - this is called Hedging. Only an experienced and professional financial planner should be helping you. Maybe put 10% of your portfolio into Euro futures. I believe you can also buy Euros and hold them in your investment portfolio just as you can buy gold or other commodities. The Euro is trading at $1.37 and could go as high as $3 if one chooses to believe a currency exchange trader. Heck, buy gold stock mutual funds. Want a mutual fund ? SGGDX and GOLDX work. You also have the option of investing in Foreign stocks. I like foreign stocks because they will not be affected by the weak dollar. You can do all this through your IRA broker (just give them a call and they will gladly assist you in your transactions.) Good luck! |
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