ROTH IRA ? elders help your young brothas out
- Thread starter jboogie12
- Start date
Find out if they charge an annual fee to hold your Roth IRA. You might also want to inquire about minimum balances in the Roth IRA. Some firms won't charge you if you maintain a certain balance in the account...I'm presuming young bro that this will be a self directed Roth IRA(you'll be investing yourself)so I would suggest that u get with a firm that has a physical location...Fidelity and TD Ameritrade comes to mind....
I roll with fidelity. Great company, no fees (maybe because I also have my 401k with them & as well as other investments).
I don't know about the other but I'd shop there first.
Well what you want to do is invest in a mutual fund that has low fees and*deposit and*withdraw money electronically. As some have said before try going to vanguard.com or schwab.com*and open an account. I would*strongly recommend that you click around each of their websites and go with the one you personally feel more comfortable with.*Vanguard has low annual fees and no front end or back end sales load, which would otherwise hurt your total return. Schwab however is less restrictive about what you can invest in.
ANOTHER PIECE OF ADVICE:
You should*look to open both a*Roth IRA and*a regular individual account. This way you're not just investing for retirement. Too many brothas take early withdrawals (before 59 years of age) from their retirement accounts and run into penalties that could have been avoided if they had invested some shorter term $$$ also. Obviously some expenses are going to come up between now and when you're 59, both expected and unexpected, so plan accordingly.
ANOTHER PIECE OF ADVICE:
You should*look to open both a*Roth IRA and*a regular individual account. This way you're not just investing for retirement. Too many brothas take early withdrawals (before 59 years of age) from their retirement accounts and run into penalties that could have been avoided if they had invested some shorter term $$$ also. Obviously some expenses are going to come up between now and when you're 59, both expected and unexpected, so plan accordingly.
Unless you have a good sum of backup change, be sure to place a few thousand dollars into a money market WITHIN the Roth IRA. This will help cut back on fees in the case that you have to make an early withdrawal. The last thing you want is to pull out of your IRA and be charge additional redemption fees because you invested in a capital and income fund (or something like that)
Too often (especially around now) I see clients get pissed when they have to withdraw funds out of their IRA (well before the age of 59 1/2) and get charged additonal fees because they didn't setup a money market account WITHIN the Roth IRA.
Too often (especially around now) I see clients get pissed when they have to withdraw funds out of their IRA (well before the age of 59 1/2) and get charged additonal fees because they didn't setup a money market account WITHIN the Roth IRA.
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