Any suggestions on financial institutions that will let you open a Roth IRA with around $500?

Question

Most want significantly more, or so it seems.

I have maxed out my 401k contribution to the 6% that my employer matches. I was advised to open an Roth IRA because it's an easy inexpensive way to invest after tax dollars -- that are not taxed when I withdraw them at retirement. For me, that makes sense because who knows what the tax brackets will be like 30 years from now when I retire? It's that old, "don't put all of your eggs in one basket" theory too :-)

Answer 1

Why would you want to open a Roth IRA? Do you not have a 401K plan through your employer?

Well, try the bank below. Here's the info. Let me know how it goes.

SunTrust Investment Services also offers a Roth IRA to help you plan for your retirement. Unlike the Traditional IRA, your Roth IRA earnings are tax-free when distributed, rather than tax-deferred (if you meet certain criteria), which is a significant benefit for saving for retirement. While Roth IRA contributions are not tax deductible, earnings are free from federal tax (if certain conditions are met).

Roth IRA advantages include:
Tax-free and penalty-free earnings if you have participated in a Roth IRA for at least 5 years, AND the contributor is at least 59½ years old, dies or is disabled, or if the funds withdrawn are used to buy a first home


Your contributions can be withdrawn at any time without federal income tax or IRS penalties


The Roth IRA does not require distributions to begin at age 70½


Contributions can also continue past age 70½, if you're still earning income


Eligibility Requirements
Individuals or married couples with earned income


Single individuals with Modified Adjusted Gross Income (MAGI) of $95,000 or less


Married couples with MAGI of $150,000 or less may make a full contribution


Contribution limits phase out for MAGIs between $95,000 and $110,000 for single individuals and between $150,000 and $160,000 for married couples filing jointly


You may continue to contribute to a Roth IRA even if you participate in an employer-sponsored plan. A non-working spouse is also eligible even if the working spouse is covered by an employer-sponsored plan.

Maximum Annual Contribution Levels
$4,000 for single individuals up to age 50
$4,500 for individuals age 50 and over
$8,000-$9,000 for married couples filing jointly ($4,000 maximum for each joint filer up to age 50, $4,500 for each age 50 and over)
While you can contribute to both a Traditional IRA and a Roth IRA in the same year, the total contribution is limited to the individual and joint filer limits shown above.

Rolling Over Other IRAs
Traditional IRA owners may consider converting to a Roth IRA to take advantage of the tax free earnings. This option is available to single individuals or married couples filing jointly with Modified Adjusted Gross Incomes of $100,000 or less. A rollover from a qualified pension plan must be deposited into a Traditional IRA before it can be converted into a Roth IRA.

For additional information:
Speak with an investment consultant from SunTrust Investment Services 800.526.1177.


If you are participating in an employer-sponsored retirement plan that is managed by SunTrust and you would like to roll your plan balance into an IRA, call the Rollover Solution Center at 800.453.4015

Answer 2

Did someone quite advise AIG? Huh.... i imagine i would like a business enterprise that isn't in desire of a bailout..... merely my opinion. especially a lot any monetary company can do a Roth IRA for you. I paintings for State Farm and we write all of them the time. verify with a community agent. There are reward to making use of someone like a State Farm agent because you recognize they don't seem to be going everywhere. while at banks and such there's a ton of turnaround with promotions and layoffs and different differences. commonly an coverage agent is interior a similar place of work, on a similar area for his or her total occupation. i'd be bias, yet I say State Farm will be maximum proper. And even as you're there..... enable them quote your domicile and vehicle and eveything else. Why no longer similar money through bundling guidelines???? strong success!

Answer 3

Many insurance companies that offer a wide range of products will also offer investment options, such as a Roth IRA. I know State Farm offers Roth IRA's with many fund options. Others such as Allstate, Shield of Shelter, etc. likely also offer them. You might also try small independent banks since they are more likely to cater to smaller customers/accounts than the big names.

Answer 4

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Answer 5

scottrade.com, etrade, or ameritrade.com

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http://www.pathtoinvesting.org/index_fla...
http://www.stockcharts.com
http://www.streettalklive.com>... university. a lot amount of information. It will serve you well
I accumulate in good amount in 401k at the young age.I could share with you. when consider invest in stock market. you should consider basic 3 things:

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technical analysis==(chart+indicator)>> when to buy

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Market cycle===>> check out book Trader Almanac by jeff hirsch will give you inside stuff
When you combine 3 thing, It is one of the powerful knowledge goinh with you for the rest of your live

At the age of 32. my 401k is amassed 74,000.00 and 30000.00 in taxble account. by follow simple rule

Answer 6

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