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Thread: An IRA question....

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    God/dess sxybrat07's Avatar
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    Default An IRA question....

    So, I searched, but couldn't find exactly what I was looking for. Anywho, I want to open a Roth IRA, and at least start saving SOMETHING for retirement while I'm paying off my debt (and then work up to the max contribution). However, I am absolutely freaking clueless. I have looked at a couple of banks, but I am really not sure what is the best one to go with.

    Are there any banks that don't require a minimum of 1k to start an IRA? I want to start contributing about 100 a month, as that's all I can do right now, but I haven't been able to find anything. And I am still clueless about most investments, so how much knowledge will this really take?

    Thanks in advance...
    I believe you Dottie and you have my support

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    God/dess Emily's Avatar
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    Default Re: An IRA question....

    I use Fidelity and they have a system you might be interested in called a SimpleStart IRA:

    http://personal.fidelity.com/plannin...?refpr=iprov22

    I can't get the right link for some reason, so see #3

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    God/dess sxybrat07's Avatar
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    Default Re: An IRA question....

    Thanks Em, that looks like something I could do, I'm gonna read more about it. Overall do you like Fidelity?
    I believe you Dottie and you have my support

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    God/dess Emily's Avatar
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    Default Re: An IRA question....

    yeah, Fidelity has low fees and a lot of highly ranked funds (for what about that, look at Morningstar ratings). Plus they have a really useful website that explains so much.

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    Banned Katrine's Avatar
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    Default Re: An IRA question....

    The company I work for allows clients to open up Roth/SEP/T-IRA, or whatever, with less than $1,000. Now, you won't be able to buy most mutual funds with less than $2,000, but you can at least start saving your money into that sort of account.

    The cash sweep account that our Roth's go into before they are invested make over 4.4% interest as is. So while you save, your cash will earn you money, and you can invest it once you have accumulated enough.

    Or just continue to save into a high-yield money market until you have enough to invest.

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    God/dess sxybrat07's Avatar
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    Default Re: An IRA question....

    Ooh, good to know Kat. I am putting money into a money market account, but it's waaaay too easy for me to pull it out. I'd like to keep my money market account for longish term savings, and put some stuff in an IRA, even if I can't invest it yet.
    I believe you Dottie and you have my support

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    Banned Katrine's Avatar
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    Default Re: An IRA question....

    Quote Originally Posted by sxybrat07 View Post
    Ooh, good to know Kat. I am putting money into a money market account, but it's waaaay too easy for me to pull it out. I'd like to keep my money market account for longish term savings, and put some stuff in an IRA, even if I can't invest it yet.
    Gotcha! Yup, there are no penalties to pull out your Roth contributions BUT you would have to call up the bank/your advisor to do so, and don't have instanct access to the funds (2-3 day on average). And before you do so, any good advisor would give you a stern talking to so that you will focus on savings!

    I have several self-employed clients that put a small amount away each month. At the end of the year, they look at how much they can contribute from their earnings, and make a lump-sum contribution.

    So I would recommend you do it if it helps you save!

    "Have you ever been to American wedding? Where is the vodka, where's marinated herring?" - GB
    "And do the cats give a shit? No, they do not. Why? Because they're cats."-from The Onion

    Quote Originally Posted by Mia M
    If a cupcake was tossed at me... well, I'd only be upset if it missed my mouth

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    Default Re: An IRA question....

    Putting money in our ROTH IRAs of staring new ones can helpus when tax time comes, right? Why is this exactly? How much can we contribute to each fund if we have more than one. I am about to research this on my own, but I thought I would ask.

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    Default Re: An IRA question....

    ok, I looked this up again. ROTH IRA contributions will not really help- I still have to claim that income, it is just not taxed when i take it out. Are the gains taxed if I take them out when I am old? Traditional IRA would helpme clain less income, but then I will have to pay taxes on the money when I take it out.
    This is confusing: I can take money out of an IRA (not sure which one) w/o paying taxes on it for down payment on a first house, but I have to have already owned a house for two years???? Damn this stuff is so confusing!!!!!!!

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    Default Re: An IRA question....

    a Roth IRA helps at tax time because, while the money you directly contribute to the Roth IRA is taxed, the interest and dividend earnings resulting from the contributed money are NOT taxed ... as long as the money has been in the Roth for at least 5 years and you are over age 59 1/2 before you start making withdrawls.

    This year's contribution limits are $4000 per person (under age 50), and $5000 per person (age 50+).

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