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re: Is it bad to open an IRA through your bank..
Posted on 2/13/13 at 9:48 am to WG_Dawg
Posted on 2/13/13 at 9:48 am to WG_Dawg
quote:
I love that it's convenient, but what if I have no knowledge of what type of fund to pick? Will they outline a few for me, I pick one, then forget it? Or is it something that I have to check on reguarly, move things around, pick new funds, etc?
If you want to pick one and forget about it, a target retirement fund is the way to go. I believe they require you to put a minimum of $1000 into any fund so at the least, you could throw $1000 into a 2050 retirement fund, get an idea for how it works and what they invest in, research other funds in the mean time, and come back in a year and either dump more money into the 2050 fund or buy another fund that you have researched.
I would invest $1000 into a retirement fund, get a better feel for how investing works altogether, and then go speak to a financial adviser in a year. I don't think going through WF will help you anymore than throwing $1000 into a retirement fund.
This post was edited on 2/13/13 at 9:52 am
Posted on 2/13/13 at 9:52 am to hiltacular
That sounds like a little better idea than stepping to big leagues now. I did see on the vanguard site they have a 'target date fund', maybe I'll just do that instead.
Posted on 2/13/13 at 9:57 am to hiltacular
I'll second the Vanguard Target fund as a good choice for a novice. very low fee/ expenses for the 2050 fund at less than 0.2%. No monthly account fees either.
It automatically readjusts itself as you move toward your retirement. it starts you out at approx 10% bond allocation.
It automatically readjusts itself as you move toward your retirement. it starts you out at approx 10% bond allocation.
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