My wife no longer works, she is a stay-at-home with our baby. When she did work, it was only retail part time, so her income was always on the very low side compared to mine. However she does have a Roth IRA with a couple grand in it. We just got a letter that it was transferred to a new bank and that a $40 managing fee was taken from it.
I have my own 401k through work, as well as a brokerage account and a Roth IRA on the side that I put a little money into when I can. With her no longer working / able to contribute to it, and with a fee being deducted, what can we do to preserve or utilize that money? My first thought was to merge it with my account and have it just be one savings but it doesn't look like we can do that directly.
Would it be wise to contact the new holder and just see if we can cash that out, take the tax penalty, and reinvest the remainder in one of my accounts so it can grow? Going to be honest: Whatever outcome, I will be the one responsible for this because she doesn't understand how to manage money.