-
Please take a moment and update your account profile. If you have an updated account profile with basic information on why you are on Air Warriors it will help other people respond to your posts. How do you update your profile you ask?
Go here:
Edit Account Details and Profile
IRA Help
- Thread starter Fly Navy
- Start date
- Status
litreofcola
Registered User
Check out USAA.com, they have a couple different IRA options as well as a few links explaining the mechanics of how the IRA works.
I am pretty sure that most Banks offer IRA investment options as well as online trading brokerages such as Ameritrade.
I am in the same boat, I want to start one but I keep procrastinating.
I am pretty sure that most Banks offer IRA investment options as well as online trading brokerages such as Ameritrade.
I am in the same boat, I want to start one but I keep procrastinating.
Your questions are a bit more complicated than you would think. As a former stockbroker, I will try and give you as much information as possible without inundating you with technical jargon. :icon_wink
First, I want to make sure that you really do want a Roth IRA as opposed to a traditional. The Roth IRA will give you tax free disbursements when you retire while the traditional IRA will give you the tax break today and your disbursements WILL be taxed when you retire. The younger you are (read assumed lower tax bracket), the more sense the Roth makes for people.
As to what to look for in a Roth and where to go... it is based upon personal preferences. If you are looking to direct your own IRA and invest in a broad range of investment products (stocks, bonds, mutual funds etc.), I would highly recommend visiting with a stockbroker in your area. The firm you choose is completely up to you. When you call, the broker on call will take you under his/her wing and set an appointment to meet. If you don't want the hassle of a broker and aren't rolling a large sum of money out of a 401(k) into your IRA, I would suggest you look at a quality mutual fund company. Fidelity is a decent example. These mutual fund companies have a broad range of mutual fund products from growth funds (more risk/greater chance for reward/loss), value funds (less risk/medium chance of reward/loss), income funds (low risk/low chance of big rewards or losses), bond funds, and blends of all of these basic types. The younger you are, theoretically the more risk you could potentially take; however, this is totally dependent on your level of tolerance.
Whether your open an account with a broker or with an individual fund company, there is usually an annual fee that needs to be paid and if you choose to invest in mutual funds, there are fees associated with them as well. In essence, you need to pay the portfolio manager to manage your money for you
.
If you have any specific questions, please feel free to PM me. I will try and direct you as best I can.
Regards,
Minnie
First, I want to make sure that you really do want a Roth IRA as opposed to a traditional. The Roth IRA will give you tax free disbursements when you retire while the traditional IRA will give you the tax break today and your disbursements WILL be taxed when you retire. The younger you are (read assumed lower tax bracket), the more sense the Roth makes for people.
As to what to look for in a Roth and where to go... it is based upon personal preferences. If you are looking to direct your own IRA and invest in a broad range of investment products (stocks, bonds, mutual funds etc.), I would highly recommend visiting with a stockbroker in your area. The firm you choose is completely up to you. When you call, the broker on call will take you under his/her wing and set an appointment to meet. If you don't want the hassle of a broker and aren't rolling a large sum of money out of a 401(k) into your IRA, I would suggest you look at a quality mutual fund company. Fidelity is a decent example. These mutual fund companies have a broad range of mutual fund products from growth funds (more risk/greater chance for reward/loss), value funds (less risk/medium chance of reward/loss), income funds (low risk/low chance of big rewards or losses), bond funds, and blends of all of these basic types. The younger you are, theoretically the more risk you could potentially take; however, this is totally dependent on your level of tolerance.
Whether your open an account with a broker or with an individual fund company, there is usually an annual fee that needs to be paid and if you choose to invest in mutual funds, there are fees associated with them as well. In essence, you need to pay the portfolio manager to manage your money for you
. If you have any specific questions, please feel free to PM me. I will try and direct you as best I can.
Regards,
Minnie
- Status