Tilted Forum Project Discussion Community - View Single Post - Newly minted college graduate

tornadored · 09-17-2006, 05:07 AM

Hello everyone,

I recently graduated from college in May, and am now pursuing my MBA. I worked throughout college and have no debt and was hired for an excellent government job half way through my senior year of undergrad. Since I worked full time throughout college I have accumulated to date about $30,000 in an investment account and kept about $10,000 in cash in CDs, money market accounts, and savings accounts.

I approached my investment representative about opening an IRA and he recommended against it. I have a 457 plan through my employer (similar to 401k) which I put 10% of my gross pay into at this time. He felt that it was not feasible at this time to open an IRA because of my 457. However, I feel otherwise and am considering opening an E-Trade account.

Now, my question is, what IRA (Traditional or Roth) would be most suitable for someone in my situation? Since I am young (23) and have little debt with the exception of my MBA tuition (which is partially paid for by my employer), I would like to kick start my retirement planning early.

Thanks for your help!

09-17-2006, 05:07 AM	#1 (permalink)
tornadored Tilted Location: OH-IO	Newly minted college graduate - IRA advice Hello everyone, I recently graduated from college in May, and am now pursuing my MBA. I worked throughout college and have no debt and was hired for an excellent government job half way through my senior year of undergrad. Since I worked full time throughout college I have accumulated to date about $30,000 in an investment account and kept about $10,000 in cash in CDs, money market accounts, and savings accounts. I approached my investment representative about opening an IRA and he recommended against it. I have a 457 plan through my employer (similar to 401k) which I put 10% of my gross pay into at this time. He felt that it was not feasible at this time to open an IRA because of my 457. However, I feel otherwise and am considering opening an E-Trade account. Now, my question is, what IRA (Traditional or Roth) would be most suitable for someone in my situation? Since I am young (23) and have little debt with the exception of my MBA tuition (which is partially paid for by my employer), I would like to kick start my retirement planning early. Thanks for your help!