PDA

View Full Version : Roth IRA once again



Dave Lehnert
12-28-2009, 10:36 PM
I asked this question about a year ago but did nothing about it. So I am going to give it another go this year.

I want to start an IRA. Looking for a good company to deal with. I am not going to get fancy. Most likely will just use a fund where you pick your retirement year and they will do the rest.

Not looking for investment advice. Just what company have you been happy with and has fair fees. Top of my list is

- Fidelity
- Schwab

Just looking at Vanguard. Looks interesting.

Chris S Anderson
12-29-2009, 12:58 AM
I try to make everything easy and just went with my bank. I like logging in and seeing all my accounts at once. It makes tax time a lot easier, too.

Kurt Strandberg
12-29-2009, 1:27 AM
https://www.thrivent.com/

dennis thompson
12-29-2009, 6:54 AM
I have been with both Vanguard & Fidelity for a long time & am happy with both. Vanguard has lower fees so if I had to pick one it would be Vanguard. Both (as do most companies) allow you online access to view & make changes to your accounts. I've heard good things about Schwab but have no experience with them. I'd say any of the three would work fine, most important is to do the IRA & not put it off. I don't know how old you are but I'm 66 and am very glad I started my retirement plan at a very young age. (It allows me to buy all these nice woodworking tools I absolutely have to have)
Dennis

mike holden
12-29-2009, 8:18 AM
Dave,
Just Do It!

I have money in Fidelity & Vanguard & Ameriprise (from way back when they were IDS) and dont regret any of them.
My only regret is not maxing out my contribution every year!

Go with a brand name and remember it is a long term investment, dont fret the daily/monthly swings, check every decade of so.

They will send you more federally mandated paperwork on your investment than you want to know about.

Mike

Dennis McGarry
12-29-2009, 8:34 AM
These are just my opinions so take them as such.

If it were me, (which it was at one point) I would goto my bank, and speak with a financial advisor there. Explain your goals, target date, amount you have to contribute each year etc.

I personally do not like any of the major houses. I used to do benefits administration for a huge retaile, I handled their 401k. In doing so I had to deal with advisors from just about every large firm on the planet. I can tell you, we all had a list of will not us ever.

I will not get into details as to why here, but just say they all left a sour taste in my mouth.

Do a little research, pick a roth you can manage yourself and has open funds. Calculate your risk, then pick a few funds you are comfortable with. Dependig on how old you are and time left before retirement, you may want to invest in only low risk long term funds, or may be able to mix in a few moderate to high risk funds as well as a few long term grouth funds as well.

This is where talking a financial advisor will really pay off. Not a clearing house one but a local one. They tend to care a little more about the little guy. Not just another number on the books...

Blake Barr
12-29-2009, 9:14 AM
They will send you more federally mandated paperwork on your investment than you want to know about.

and will read you hours of disclaimers every time you call.....

Neal Clayton
12-29-2009, 10:54 AM
i would add one more piece of advice, from someone who does this on the side (more trading, not investing).

learn where to put your money and learn how the market functions (or disfunctions). no one at fidelity or schwab or anywhere else is gonna watch your money like you would watch your money. funds are fine, they are a perfectly legitimate easy way to diversely invest your money. but clicking a button and forgetting about it isn't really the same thing.

all it takes is a couple of hours a week looking at the google finance section.

everyone makes money when the market goes up. it's the people who minimize their losses when it goes down that are the long term winners. and those people are the ones paying attention ;).

Al Wasser
12-29-2009, 2:06 PM
Everyone has given you something to think about. I deal with Schwab and I am pretty satisfied. They send me paper statements which I like, some of the others don't so you have go online a print a statement. That may make no diff to you. I also want a place where I can go talk to someone if I have a question/concern that will take a while to discuss. That's me maybe you would rather do it all on the phone. I would urge you to do business with only one outfit. It is easy to get scattered out and it makes keeping track of everything harder. My Dad had accounts all over and when he died we had a hard time tracking it all down. Good luck

Dave Lehnert
12-29-2009, 4:15 PM
Thanks for all the info.

I have been with my company 401K for over 20 years. I am looking to start something else away from my work as a "just in case" some CEO decides to go on vacation with my fund. I don't like having all my eggs in one basket.

Dennis McGarry
12-29-2009, 4:36 PM
With your 401k as long as it is a true 401k your funds are safe, no matter what the company does.

It is a qualified plan, (aka Safe Harbor plan) the term 401k is the actual tax law section that allows the fund to operate.

That money is protected from anything the company does, with the execption of company matched funds if you are not fully vested. The amount that is not vested could be lost if the company folds etc, but your contributions and fully vested portion of company match is fine.

You can also take the vested portion with you if you change jobs or are let go and either roll into another qualifed 401k or roll over to a IRA as well.

What company do you work for? I could most likely tell you who does your benifits... :)