Yet another IRA question - Tilted Forum Project Discussion Community

Paq · 01-31-2006, 11:57 AM

Hi, this is pretty simple, really..

say you have 30-35 yrs before retirement and you're looking to open an IRA right now and probably put in between $2000 and 4/5,000 per year for the next few years and let it sit and gain interest, etc.

Would i be better off going Roth IRA or traditional
and can anyone recommend a place to check into for starting this? I'm currently looking at schwab and vanguard and i have to check on the local banks, but any others i definitely have to check?

thanks greatly for the help

NoSoup · 01-31-2006, 12:53 PM

Definately put it into a Roth IRA. It is much, much better for you all around.

As far as a place to put them, I don't know if I have much to offer there. I have several Roth IRAs scattered about, some at a local institution, one with a large brokerage (Van Kampen)...

I suppose I would suggest wherever you feel most comfortable and have to pay the least amount of fees for the product that you want...

DDDDave · 01-31-2006, 02:10 PM

Paq,

Check out this site www.irahelp.com

There is a forum there that a lot of attorneys and CPA's frequent. They could definitely help with your questions.

Good Luck.

Paq · 02-01-2006, 12:38 PM

next question:

a friend of mine has 2 ira's open, one with her local banka nd one with vanguard. She doesn't max out contributions each year, but i was wondering if you'd still be limited to the $4000 max or if that max is per account. I would think, from the IRS standpoint, that there'd be a $4K total max, but i'm not sure

any answers?

NoSoup · 02-03-2006, 10:30 AM

That is the maximum per year you can put away. The max typically increases over time... only a couple of years ago it was $3000.00 per year.

If your friend is older, though, they may be able to put in "catch up" contributions, therefore allowing her to go over the max

captobvious · 02-15-2006, 07:14 PM

I would check out Scottrade for starting an IRA. At the time I opened my account with them, they had the lowest fees out of all the online brokers I had checked out.

01-31-2006, 11:57 AM	#1 (permalink)
Paq Junkie Location: South Carolina	Yet another IRA question Hi, this is pretty simple, really.. say you have 30-35 yrs before retirement and you're looking to open an IRA right now and probably put in between $2000 and 4/5,000 per year for the next few years and let it sit and gain interest, etc. Would i be better off going Roth IRA or traditional and can anyone recommend a place to check into for starting this? I'm currently looking at schwab and vanguard and i have to check on the local banks, but any others i definitely have to check? thanks greatly for the help __________________ Live. Chris

01-31-2006, 12:53 PM	#2 (permalink)
NoSoup Non-Rookie Location: Green Bay, WI	Definately put it into a Roth IRA. It is much, much better for you all around. As far as a place to put them, I don't know if I have much to offer there. I have several Roth IRAs scattered about, some at a local institution, one with a large brokerage (Van Kampen)... I suppose I would suggest wherever you feel most comfortable and have to pay the least amount of fees for the product that you want... __________________ I have an aura of reliability and good judgement. Just in case you were wondering...

01-31-2006, 02:10 PM	#3 (permalink)
DDDDave Addict Location: Sarasota	Paq, Check out this site www.irahelp.com There is a forum there that a lot of attorneys and CPA's frequent. They could definitely help with your questions. Good Luck. __________________ I am just a simple man trying to make my way in the universe... "Go confidently in the direction of your dreams. Live the life you have imagined." - Thoreau "Nothing great was ever accomplished without enthusiasm" - Emerson

02-01-2006, 12:38 PM	#4 (permalink)
Paq Junkie Location: South Carolina	next question: a friend of mine has 2 ira's open, one with her local banka nd one with vanguard. She doesn't max out contributions each year, but i was wondering if you'd still be limited to the $4000 max or if that max is per account. I would think, from the IRS standpoint, that there'd be a $4K total max, but i'm not sure any answers? __________________ Live. Chris

02-03-2006, 10:30 AM	#5 (permalink)
NoSoup Non-Rookie Location: Green Bay, WI	That is the maximum per year you can put away. The max typically increases over time... only a couple of years ago it was $3000.00 per year. If your friend is older, though, they may be able to put in "catch up" contributions, therefore allowing her to go over the max __________________ I have an aura of reliability and good judgement. Just in case you were wondering...

02-15-2006, 07:14 PM	#6 (permalink)
captobvious Insane Location: Somewhere	I would check out Scottrade for starting an IRA. At the time I opened my account with them, they had the lowest fees out of all the online brokers I had checked out.