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ie citi, bank of america, hsbc, chase, american express etc what do we need to look for? I guess citi does not charge for the service, is there any catch?

tax pay day is near, we have 1-2 month to invest on IRA for 2006.

first time trying to open an IRA, any advice?

2007-02-04 15:24:47 · 6 answers · asked by Lover23 1 in Business & Finance Investing

6 answers

If you are looking for serious investment advice, seek a qualified, knowledgeable financial professional who is willing to take the time out to educate you on your situation. Although fees carry a bit of importance, remember that cost is only an issue in the absence of value.

2007-02-04 15:31:27 · answer #1 · answered by om_nupe 2 · 0 0

Yes. If you earned money, you can invest up to the total amount of your earnings if you want, up to $4000.00 each year. Don't do the simple IRA however. You will want a ROTH IRA. Buy a mutual fund through a no load company like Vanguard or Fidelity. The power of interest bearing accounts to grow tax free is amazing. You can add each year, and literally have a fully tax free retirement account. I wish I'd started when I was 18 or 19 instead of waiting until I was near 40 to plan for retirement. Even a little money at first will add up in a hurry. GOOD FOR YOU! To find out how fast your money will add up, go to these firms and look through their material.

2016-05-24 10:33:16 · answer #2 · answered by Anonymous · 0 0

Om Nupe is right, sort of. You should seek the services of a qualified financial planner. I'd go down to my local bank and open up an IRA there and put the money in a 3 month CD. Then take the time to interview a few different financial advisors. See if they will allow you to retain their services on a fee based approach rather then an asset based one. This goes against his thought that fees don't matter because they do. I've no problem paying a financial advisor to tell me where to put my money, but I do have a problem with him receiving a trail of fees long after. That's why I prefer the fee based approach. It's incentive for him to continue to work for me instead of letting the assets sit while he still gets paid.

Once you've chosen the financial advisor then you can effect the transfers and purchases that he recommends....Doing it this way takes the RUSH out of things.

2007-02-07 11:23:52 · answer #3 · answered by digdowndeepnseattle 6 · 0 0

Any financial planner or tax professional can, or should, tell you that it's basically your personal preference to how you wish to invest your money.

You need to be a prudent investor and do research on each company and their investments which includes their fees and returns.

One person's investment choice may be fine for him/her but not for another person.

Though, you may want to invest the money with a mutual fund company than with a bank since the mutual fund company tends to offer better choices of investments though their investment fees and returns will differ between the companies and funds.

You should seek assistance from a local financial advisor.

2007-02-04 15:32:02 · answer #4 · answered by MrMojo1 5 · 0 0

Since this is your first IRA, I would suggest a large cap index fund with low fees such as Vanguard index 500 or Fidelity Index 500. These companies charge about .18 cents or less for every 100 dollars you invest. Other companies like citi charge up to $3.00 dollars per every $ 100 you invest. I know this does not sound like much but if you compound this over 40 years it can add up to about $35,000 dollars. Index funds historically average about 8.00% a year return.
Do not use a broker just deal directly with these companies.

2007-02-04 15:44:02 · answer #5 · answered by biomedking 2 · 0 1

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2007-02-04 15:56:50 · answer #6 · answered by KHAIRIL ANUAR A 1 · 0 0

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