How to open up a ROTH?

Question

My husband and I want to open a ROTH account. I do not want to contribute to my 401 (k) because I perfer to pay taxes now and not later.

Where do I start. I currently have money in a 401 (K) that I started with the previouse employer I had. I will be rolling that over elsewhere.

TIA!! Need all the input I can get.

I do not get a 401K match. I would never try Primerica. I was conned to signing up once and never again.

Answer 1

Don't listen to Jason. Of course there's a fee if it's a business relationship.

My advice would be to go to an Edward Jones type of company and explain your situation. If your open up a Roth you can set up automatic withdrawls from your checking accoutn to help your Roth grow.

Whether you go with E.J. or WAMU or someone else, you can more than likely enroll in some sort of systematic investing purchasing shares of Mutual Funds. Obviously the type depends on your age and risk tolerance.

Good thinking and good luck!

Answer 2

You can open IRAs at banks, brokerage houses or mutual fund companies. T. Rowe Price and Vanguard are two of the best.

Don't know the particulars of your emplyer's 401(k), but if it offers any matching, you''d be wise to contribute enough to get the full match. As the saying goes, that's free money.

Answer 3

PrimeAmerica is the worst choice you can make for any investment. Stay clear.

Banks and Insurance companies are also highly not recommended for investments.

Edward Jones would be a good choice.

Less expensive choices (but also very good) would be;
Charles Schwab Brokerage
Fidelity Brokerage
Vanguard Mutual Funds
T. Rowe Price Mutual Funds.

Be very careful of specific advice you receive here. You don't know their qualifications or motives.

Answer 4

I hope you reconsider investing in your employer 401k plan. You should invest up to the % match of your employer, first because that return(free money) on your investment is hard to achieve.

Your current 401k sponser may allow you to open a Roth IRA with them for free or at huge discount.

You should google roth ira. This should give you a start.
http://www.rothira.com/

And after you match employer 401k %, max roth ira, go back to 401k and max it.

Answer 5

I would suggest you go to a financial advisor. I work for Primerica (a subsidiary of CitiGroup) and I know that we do it for no fee.

Answer 6

http://www.irs.gov/publications/p590/index.html