Do you have a Roth IRA?

Question

I want to open a roth IRA, but I keep hearing that there are fees involved. Is this true? If so, are there any places I can get a FREE or LOW COST IRA?

If you have an IRA that you are satisfied with, please detail why it's good for you.

Answer 1

I have traditional and Roth IRAs.

The benefits of a traditional IRA is that the money invested can be taken off your taxable income and the interest earned on the investment is not taxed.  You will be taxed on the withdrawals you make after you reach age 59 1/2.

The money invested in Roth IRAs is taxed like ordinary income.  The interest accrued on a Roth IRA is not taxed.  The benefits of a Roth IRA is that once you reach the eligible age withdrawals are not taxed.  A Roth IRA must be held for at least 5 years.  There may come a point where you want to start investing in Roth IRAs, like when you have your home paid for.

Good luck and God bless!

Answer 2

Yes, check Vanguard.  I am actually also just opening a Roth IRA ....and I am going with Vanguard.  Both of my parents also have accounts with them....haven't had any problems and fees are minimal.

Answer 3

Look at Vanguard or T. Rowe Price.  No fees, two of the best.

Answer 4

I have a Roth IRA at Vanguard (I know you meant traditional, not Roth, but the fees are the same).  I put a link to their site below.  Vanguard gives you lots of investment choices (you need a minimum of $3,000 to open an IRA with them).  I don't pay any fees, but I'm not sure if it's because I have a lot invested with them.  I believe I used to pay something like $10 per year.

Answer 5

I have a Traditional IRA with Fidelity. I chose that company because it was easy to sign up online and it was the best fit for me. I did my research prior to picking this company.

Another site to try out is vanguard.com