Yet another IRA question

[Paq]

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]

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]

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]

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]

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]

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.