I'm looking to contribute to an IRA account for the first time this year. Since tomorrow is the deadline for paying into these funds, I thought I'd seek the advice of other small business owners and self-employed folks.
- Who do you recommend opening an account with?
- Roth IRA vs. Traditional - good resources/articles on how to choose
- Investment advice for funds in an IRA
- Good articles/sites on the subject
I'd love to hear your thoughts & experiences.
I have 1 with Etrade as well.
I have a Roth...as young as you are you may as well get a Roth so the interest can compound tax free for many many years.
A traditional one allows you to deduct up to $4000 from your current income level, but then you get taxed on the profits.
Thanks gang. I read up at Motley Fool and opened accounts at Etrade for a Roth IRA. Should have funds available on Sunday.
I tend to handle investments for family and friends; given your level of appreciation for a good UI and the desire to keep your funds safe, I recommend E-Trade. I've been using them since 1998 and really only have good things to say about them. Traditional or roth depends on when you want to pay taxes -- traditional is a tax deduction, paying when you take the money out; roth doesn't give you any tax advantage now, but you take it out without taxes (assuming you take it out at the right age).
Funds...I don't recommend them at all; why pay fees for mediocrity? You know the search industry, so you know who is likely to make the money money rolling forward -- allocate some there. Then, diversify Peter Lynch style (meaning buy what you know, so long as it makes fiscal sense). Where to learn... https://finance.yahoo.com/ https://www.fool.com(this is great when you're starting out) Also, read some of the articles on E-trade, and as always, feel free to drop me a line if you have a specific question.
Cygnus
My wife and I use an Ameriprise (formerly American Express) advisor for our Roth IRAs and other retirement investments. We like them because instead of getting a commission on what she sells us, we paid a flat fee for setting up our account and doing a financial plan for us, then we get all the advice and account management at no additional charge. Part of the financial plan included a questionaire that gauged our risk tolerance. You should invest at your own comfort level.
Wikipedia is always a good place to do initial research. Check out https://en.wikipedia.org/wiki/Roth_ira. However, talk with a profession before investing.
Also, if you have a stock ticker on your computer, do not put your mutual funds on it! I did for a while, and I rode a rollercoaster. Sometimes you don't want to know -- especially for those of us who IRAs are investments that last decades for young people like us.
I've always enjoyed reading the financial information over at fool.com because it is relatively unbiased and not too dull.
Well, I would never recommend you take my advice, lol, but I contributed to my first IRA account this year as well. After doing all the research I could get my hands on, it really just boiled down to me going to my local bank and opening it up with them. They gave me the whole song and dance about why their's was great, etc., but frankly, I wouldn't know bs when I heard it. So, I think once you determine whether you want roth or traditional (and that's pretty cut and dried), you just need to talk to someone you trust for the whole "funds" part of it.