where can I go to open a Roth IRA account? and anyone open one, am single...?

Question

also what is the min. usually to open one? thanks alot

Answer 1

Not everyone can open one- you have to be below a certain income. I believe is $95,000/year for a single filer and somewher over $110,000 for married.

Roth IRAs are great, especially if you're relatively young. You put in after-tax money (try a traditional IRA if you're looking for a tax break) and any money that your contributions make, when you take it out, is federally tax free.

You may want to check with your local bank to open one if you don't feel confortable doing it through the net. However, if you don't mind big companies without a walk in office you have a couple of options-

Vangaurd- you need $3000 to open an account and $50/month after that.

Fidelity- you need $200 to open an account and $200/month after that.

T. Rowe Price- $50 to open and $50/month after that.

I'm going with T. Rowe Price. And if you don't think you know enough to manage every decision in your IRA, you can sign up for a "target IRA" This is where you sign up for a IRA that's targeted to make the most of your money by your target retirement date.

Good luck!-

Answer 2

Anyone who has earned income can open one unless you are above the maximum annual income thresholds (note: you can fully contribute to a roth IRA if you earned less than $95k/year but the maximum allowable contribution begins to decrease at an annual income of $95k/individual and completely goes away at $110k annual income for an individual). The amount you can contribute assuming you are not subject to the income issue listed above is $4k for 2006 but you cannnot contribute more than your earned income for the year. Best place to open an IRA is with a discount brokerage firm to keep fees low....my suggestion is to get it open and put the funds into a money market account and then do your homework and once you feel competent enough to properly allocate the funds among various investment options then invest appropriately. Wellstrade, ETrade, Charles Schwab, etc. are all good options.

Answer 3

Go your local savings bank. That is where you can open one. You can deposit up to $4400 a year into the Roth IRA, and anyone under the age of 60 I believe (might be 65) can open one.

Answer 4

I have my regular IRA with Wamu (formerly known as "Washington Mutual"). I bet if I wanted a Roth IRA they'd be happy to open one for me. Go to your local branch and sign in on the sign in sheet with the comment that you want to open a Roth IRA.

Answer 5

You can call most banks or mutual fund companies, I believe. My wife has a Roth IRA through State Farm Insurance:
http://www.statefarm.com/learning/planning/invest_retire/reroth.asp

Some hopefully helpful articles for you:
http://www.kiplinger.com/columns/starting/archive/2006/st0309.htm

http://financialplan.about.com/cs/retirementiras/a/RothOrNot.htm

Answer 6

I agree with the above, but you might consider opening a traditional IRA because it comes with tax benefits.

Answer 7

go to any bank