Best way to invest my IRA?

Question

-Please professional/smart answers only!!!

Okay my Roth IRA right now is in a bank that charges an annual fee of 20 dollars. I hate that and I want to change my financial institution but I am not sure to what. I tried New York Life but the branch in Reno sucks. My question is....do any of you have your IRA's invested in a good place? What is it and is there fees?

Answer 1

Try Fidelity, Vanguard, T. Rowe Price, American Century. Get their web sites and phone nos. on Google. You can then decide to invest in one of the companies. They have several mutual funds. They may charge an annual fee if you do not invest a certain amount. I think in the long run it is much better than investing in a bank. This is because banks do not know how to do investing for you. They probably turn around and give it to one of the broker companies I mentioned here. Then they charge you a middle person's fee in addition. Banks are there only for keeping your little money safe, handling your checks and then turn around and lend your money to others and make a hefty interest.

Answer 2

I would move it to one of the lowest fee organizations. Specifically Vanguard. They have extremely low fees for there mutual funds and tons to choose from.

As far as where to put in once your there, that depends on a number of questions. How old are you? When do you wish to retire? What is your risk tolerance? Many will put a bulk of their retirement funds into a core index fund such as VFINX (Vanguard 500 Index) and then diversify around that. Others may choose a total stock market fund and diversify with some small cap, international and fixed income funds.

Vanguard is all online and extremely easy setup process.

Best of luck to you...

Answer 3

New York Life is an insurance company. Don't invest with them, buy insurance with them ok, but investment with an investment company like Vanguard (www.vanguard.com) or T. Rowe Price (www.troweprice.com). They both are low cost very good mutual fund families that are NOT involved with the scandals that have hit other fund companies.