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Where to start a ROTH?
Posted on 6/8/13 at 11:40 am
Posted on 6/8/13 at 11:40 am
Currently I have a traditional tax deferred IRA that has been rolled over from a previous employer into an Edward Jones account. Also, currently contributing to another traditional tax deferred IRA with my current employer (not Edward Jones). Looking to start a ROTH by the end of the year. Should I trust Edward Jones with this new endeavor or use a third investment partner?
7
Posted on 6/8/13 at 12:11 pm to wegotdatwood
quote:
Vanguard
+1. My wife and I are both set up through Vanguard. Quick and easy.
Posted on 6/8/13 at 12:38 pm to Daygo85
You can set up your Roth wherever you want, any major financial institution will probably do just fine. Personally I love Schwab's customer service, and yes you can buy Vanguard funds through them as well as many others.
Posted on 6/8/13 at 12:56 pm to Daygo85
I also went through Vanguard.
Posted on 6/8/13 at 1:23 pm to wegotdatwood
Consensus seems to be Vanguard. Why such high ratings if I may ask?
Posted on 6/8/13 at 1:29 pm to Daygo85
I have a self directed one through etrade
Posted on 6/8/13 at 1:55 pm to LSUtigerME
quote:
I also went through Vanguard.
Posted on 6/8/13 at 4:00 pm to wegotdatwood
quote:
Vanguard
yeppers
This post was edited on 6/8/13 at 4:06 pm
Posted on 6/8/13 at 4:06 pm to Daygo85
quote:
Should I trust Edward Jones with this new endeavor
edward jones is only good for a money market fund checking account and maybe a unit trust. sales loads, annual management fees and expense ratios are ridiculous not too mention their choice of funds are not what others are. avoid it like the plaque as far as IRA's and trading stocks are concerned.
Posted on 6/8/13 at 6:00 pm to Daygo85
Vanguard - because of their low costs.
Posted on 6/8/13 at 9:21 pm to Daygo85
How are you looking to invest inside your Roth? If you're looking at a mutual fund the best option may be to open up a Roth with that fund company. If you're looking at a few different mutual funds you may want to look at a brokerage account with a discount broker like Scottrade or Charles Schwab.
Posted on 6/8/13 at 11:12 pm to gatorsimz
I have a question regarding ROTHs. Limit is what, 5500? What happens if say you put 6k into it? Will it just not let you or will you get notified by the gubment?
Posted on 6/9/13 at 3:06 pm to jimbeam
I'd imagine most brokers won't let you.
It only becomes an issue if you have multiple IRAs at different places or you have a reduced limit.
The penalty is you'll have to pay 6% tax on the excess contribution each year that it is there.
You can correct it in a number of ways (the easiest being simply to withdraw the excess before April 15 thus never having an excess as far as the IRS is concerned), but other than preventing it, the easiest way to correct it is to contribute less than your max in the future.
It only becomes an issue if you have multiple IRAs at different places or you have a reduced limit.
The penalty is you'll have to pay 6% tax on the excess contribution each year that it is there.
You can correct it in a number of ways (the easiest being simply to withdraw the excess before April 15 thus never having an excess as far as the IRS is concerned), but other than preventing it, the easiest way to correct it is to contribute less than your max in the future.
Posted on 6/9/13 at 3:10 pm to Volvagia
Anyone have experience with USAA's IRA accounts? I was looking to open one up with them now that I have a job since all my banking is done by them
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