Where can I go to get a ROTH IRA?

Question

I am looking to get a ROTH IRA.....where is the best place to start? WHo do I need to contact to set one up?

Answer 1

There are many places that offer IRAs. Any that do can offer a Roth.

More important is what you want to do and how much you want to contribute initially and maybe later.

Some IRAs are geared towards the investor who just wants to save a little and pick up the tax credit (where it applies). Others IRAs are more for those who are transferring in a very large amount and who wish to trade shares, buy real estate or other specific investments. For the most part there is no one firm that will let you buy and sell all of the legally possible investments. In particular the firms that tend to allow someone to use their IRA to invest in real estate are not generally the best firms for buying and selling shares of stock.

A local bank can deal with IRAs that are really savings account with smaller balances which earn simple interest.

So, start with your initial goal. Decide what you want to achieve in the short run. Decide how much you have to open the account and then start doing a Google search for different firms. Match what they let you invest in and the minimums to your situation.

Note that you can transfer from one IRA trustee to another at any point in the future. Hence the first firm you pick might be one where you build up some cash for a few years before moving to a different firm that has more options and a different fee structure.

Answer 2

Start by deciding what you want to invest it in, and how much control you want over being able to move the money around. Do you want something ultra-safe &/or do you not want too many options to confuse you? Then go to a bank & invest it in CDs. Do you want something with more growth potential &/or investment options? Then a brokerage is the way to go. For my retirement money, Vanguard or Fidelity are best-bets. You can open an account online, transfer your money electronically, and choose from a huge selection of mutual funds, many of them no-load (meaning: no cost to get in or out). If you think you may want to hold individual stocks, you can still do this through a brokerage account at Vanguard or Fidelity, but someplace like Schwab or Ameritrade is probably a better option. If you want someone to give you advice, then go to a brick-and-mortar brokerage in your town.

Answer 3

Pretty much anywhere! Almost all banks, tax prep. offices, and even some insurance companies (like state farm) offer IRA's. Start calling around, you'll want to pay attention to all costs associated with the IRA (annual fees, monthly fees, opening costs etc...) and make an educated decision. It also depends on how you want to fund (once a year, monthly etc...). Good luck!

Answer 4

Any bank or credit union are easiest.