Anyone open a Roth IRA?

Question

Tell me you process!
Where did you go and did you have fees??
Please do not type in or copy a huge chunk of info on ROTH IRA's
I want personal experiences!!!!!!!!!

Answer 1

I have mine at Vanguard. I gave them a call telling them I was interested in a Roth and they sent out a package with info & enrollement forms. Filled out the forms (two pages and simple) picked a fund and mailed them a check.

Very simple really.

Answer 2

I opened mine through Vanguard Group. It is a bit of paperwork but it is what should be a once-in-a-lifetime process. Once you open the Roth, you then put in most any amount - usually at least $50. They have very low expenses and there is a $10 a year fee if it's under $5000. As far as what to put it in, they and other fund companies have what's called Target funds - if you expect to retire (when will you be 67 - changed from 65 for full benefits) around the year 2045 then they have a 2045 fund as well as a 2035, 2025, etc. These funds start out as relatively aggressive growth then gradually adjust to more conservative as the year draws closer. If you are unsure about what to go in, they're best because they're very diversified and you can always move them to another fund within the fund company or elsewhere in the future if you should become more familiar with various funds. The process is as follows: Visit a fund company's webite (www.vanguard.com, www.troweprice.com, www.fidelity.com, and others) and search around and find the forms - they will be VERY easy to find since it's a big business for the fund co. Download the forms - usually in Adobe Acrobat Reader, Fill out the forms selecting your fund, enclose a check for the amount (check their minimum) and mail it in. After it's set up, you can then go to their website and check on it daily like I do if you like. The amount will fluctuate but over the course of time it will grow if the past is an indication of the future. Good Luck!

Answer 3

You know, it's actually kind of a time consuming process, regardless of whether you use a bank or brokerage company. I've used both, so I have some experience with both. There are many questions to answer (mostly basic like name, address, social security number, beneficiaries, etc.) and the simple act of answering them all takes time. The real challenge, though, is deciding what type of investment the Roth should be in-bank products, like CDs, money market accounts, etc. or brokerage products like mutual funds, stocks, bonds, and so on. That's the "worst" part of opening the Roth, as far as I'm concerned. I've never heard of any company yet that charges you for opening an IRA, so that's some good news for you!

That said, it's still a good idea to open the Roth. Just make sure you ask about any fees prior to opening the IRA. Ask about account maintenance fees, fees to transfer the IRA, and any other service charges that might be associated with the account. Banks and brokerages both have fees and they vary depending on your choice of provider.

Answer 4

stable for you. commencing off a Roth on the age of 18 is amazingly clever. in case you may placed 10% of your month-to-month earnings into the Roth, the account will advance immediately for you. learn some innovations. discover out the as quickly as a year expenses that distinctive companies are charging to open the account. additionally, verify out long-term overall performance of your investments (10 years). If the investment has not been around 10 years, discover an investment that has been around 10 years. additionally discover out if the IRA expenses a value in case you compromise directly to circulate the account someplace else simply by undesirable overall performance. stable success!

Answer 5

I opened mine through H&R Block. I didn't have to pay any fees. I just said I wanted to start a Roth IRA.

Answer 6

Just went to Vanguard website, filled out the on-line form, choose which funds I wanted, and had them transfer the money electronically from my checking account. No fees of any kind at any time.

Answer 7

I opened mine at Wachovia. I did it through my employer when I quit. The interest rates are not good though. There was no fee to get it opened.

Answer 8

You can open one at any broker, and I believe even banks will do it now. Most have a minimum deposit, usually around $500. It's a great thing to do - go do it right now!!!