Best IRA for 43 year old with $100 a month?

Question

I know it's not alot, but in addition to my pension, it will be something at least. I know it wont be alot, but even $50,000 extra at retirement will be nice. Also should I open one locally, or internet? And how do I know which internet places are reputable and can be trusted?

Thanks for any replies in advance.

Answer 1

buy gold and silver / cash, fill a fire proof safe in your basement, when full buy another safe....

2-4% big deal, how bout if the bank fails then what or when this entire economy fails. I have no faith whats so ever anymore. I had a huge chunk of Exxon since 1987 sold it last year and it all sits in my couple of safes. turning to gold from local guys so if the govt. feels like confiscating it again. like FDR did in the depression. god help us all if Obama wins. everything u save or make in the market will go to his tax and spend liberals in D.C. he wants cap gains back up to 38 % why bother saving a crappy 2-4% IRA u might as well keep it at home and not let the gov tax the c**p outa ya when u need it

Answer 2

Banks and insurance companies are the worst place to go for investments (costly with usually mediocre advice).

A no load (no sales commision) fund company would be your best bet.

There are "target" funds for retirement that can work well for you.

I like T. Rowe Price the best for these funds but Fidelity & Vanguard also have good options.

you may want to read;

Mutual Funds For Dummy's

Answer 3

Mutual fund from a big complex is a good idea.  Index funds have low fees, so go that route.  Also, if you qualify for a Roth IRA, its probably the best for minimizing taxes.  tab

Answer 4

Is there a program through your employer? I work for a company that pays us a a match based on performance of the company. Last year the paid is 47 cents for every dollar we pit in.At 43 saving a $100 a month you are going to be in good shape. I wouldn't do any interent thing. If your employer doesn't have anything shop around.

Answer 5

Contact Fidelity Investments - they are considered to be the "king of no load mutual funds".  Also, try to understand about dollar cost averaging, lifestyle funds, and brokerage accounts./

Answer 6

No Load Mutual Fund with a Company such as Fidelity or Charles Schwab.  That way you can call and actually speak to a human.  

Answer 7

      bank of america has some great IRA's and you only need $100 to open it and you can put up to $5,000.00 a year and earn anywhere from 2.13 to 3.79 percent a year on those, and you cant touch the money untill you are 59 and a half years old, that way you only are putting money in and not taking out. so that is also a great thing!!! also the rates change often and they could go up or down at anytime so you might want to look into it.

       also im not sure where you bank but they also have some great CD's and savings accounts you could look into.

                          hope i could help