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Good place to start a Roth IRA?
Posted on 3/15/13 at 4:05 pm
Posted on 3/15/13 at 4:05 pm
Fiancee and I are getting married in a little over a month, and we're probably going to start a joint Roth IRA in the following weeks. My future FIL is recommending Fidelity but I'm still going to look for more options first. What are the Money Talk's favorites?
6
Posted on 3/15/13 at 4:16 pm to baytiger
No such thing as a joint IRA. It's an individual retirement account. You would each just get your own separate account. With that being said, the consensus seems to be that Vanguard is the best option. I have one with them and it is extremely easy to set up/manage.
Also, since you can't have a joint account be sure to set up your fiancee as your beneficiary so it passes to her in the event of your death.
Also, since you can't have a joint account be sure to set up your fiancee as your beneficiary so it passes to her in the event of your death.
This post was edited on 3/15/13 at 4:19 pm
Posted on 3/15/13 at 4:25 pm to baytiger
quote:
Fiancee and I are getting married in a little over a month, and we're probably going to start a joint Roth IRA in the following weeks. My future FIL is recommending Fidelity but I'm still going to look for more options first. What are the Money Talk's favorites?
Fidelity is good (CONTRA FUND BABY)
Vanguard is Index king
T.Rowe is overrated (IMO)
Blackstone is Good
Pimco is a bunch of Bond whores, stay away
Franklin Templeton has just sucked lately
American Funds has more funds that have outperformed the market over the long term than any other family (yes, even with the loads). Plus they have been around for over 80 years. But if you don't like loads, you probably won't like AF.
Or you could go with ETFs, just don't play with them at all after you buy them.
Posted on 3/15/13 at 5:50 pm to baytiger
(no message)
This post was edited on 3/23/13 at 9:18 pm
Posted on 3/15/13 at 6:25 pm to Maniac979
quote:
You'll need a broker if you go the American Funds route.
True statement, that's where the load comes from. And normally I'm not a fan of brokers, but Capital Choice Inc (AF's Parent company) typically have excellent brokers who are trained to function as teachers. Great for beginner investors.
Nothing wrong with going on your own once you get comfortable. I still have a broker, because it's nice having experienced counsel when I need it. But I do a lot of my investing on my own as well.
This post was edited on 3/15/13 at 6:30 pm
Posted on 3/15/13 at 7:28 pm to baytiger
I've used Schwab for years and been quite happy with them. Probably any of the major firms will be just fine.
Posted on 3/15/13 at 7:38 pm to Vols&Shaft83
(no message)
This post was edited on 3/23/13 at 9:18 pm
Posted on 3/15/13 at 8:05 pm to Maniac979
quote:
It's "The Capital Group Companies"
Argg, damnit. Where the hell did I get Capital Choice from?
I hear they are looking at starting an ETF division soon.
Posted on 3/15/13 at 8:29 pm to Vols&Shaft83
(no message)
This post was edited on 3/23/13 at 9:19 pm
Posted on 3/15/13 at 8:53 pm to Maniac979
Vanguard
Setup a target date fund and forget about it. Super easy.
Setup a target date fund and forget about it. Super easy.
Posted on 3/15/13 at 10:34 pm to Venelar
quote:
Setup a target date fund and forget about it.
You should never put your money on autopilot.
Posted on 3/16/13 at 3:00 pm to baytiger
On a related note, I was interested in starting a Roth IRA through Vanguard as a supplement to my employer run account, but I'm seeing that "most funds have a $3,000 minimum investment". I have the capital, but I'd prefer not to wipe out my emergency fund, and I'd really like to get started ASAP.
I've heard that some companies will allow you to open an account with no minimum deposit if you do an automatic withdrawal every month. Is Vanguard one of these, or will I need to accumulate the minimum deposit before moving forward?
I've heard that some companies will allow you to open an account with no minimum deposit if you do an automatic withdrawal every month. Is Vanguard one of these, or will I need to accumulate the minimum deposit before moving forward?
Posted on 3/16/13 at 3:04 pm to baytiger
I have mine through etrade
Posted on 3/16/13 at 5:22 pm to Joshjrn
Depends on the fund at vanguard. Some are 1k to open, some are 3k
Posted on 3/17/13 at 10:52 am to Vols&Shaft83
my 401k is already with vanguard.. I see a couple of people have recommended it for the IRA too.
as for the "joint" IRA, I was reading on wikipedia that a married couple filing jointly can contribute a total of $10,000, so I thought that meant we could have a joint account. Does that actually mean we can contribute to each others' for a total of $10,000?
as for the "joint" IRA, I was reading on wikipedia that a married couple filing jointly can contribute a total of $10,000, so I thought that meant we could have a joint account. Does that actually mean we can contribute to each others' for a total of $10,000?
This post was edited on 3/17/13 at 10:53 am
Posted on 3/17/13 at 11:04 am to Joshjrn
1K minimum for the Vanguard target date funds
Posted on 3/17/13 at 11:06 am to Joshjrn
Each Vanguard fund has a comparable ETF with no minimum. Just put your money there until you hit $3000 mark if you don't want to clean out your emergency fund.
Posted on 3/17/13 at 11:27 am to Dan
quote:
1K minimum for the Vanguard target date funds
But you have to have 3k to open a money market from which you would move your money(1k min) to the taregt funds. e.g., you need 3k to start in a target date fund.
Posted on 3/17/13 at 11:57 am to TyOconner
We opened one in April with 1k.
Posted on 3/17/13 at 12:09 pm to Venelar
Opened a Roth or purchased target date funds?
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