I opened an IRA... Now what?

Question

I just opened an IRA through USAA. (a military bank that sells insurance and investments) Now I'm not sure what to do with it. I read somewhere that after people put their money into the IRA that they had to put it into a mutual fund. Do I now have to put it into a mutual fund?

Answer 1

When you opened the IRA, you had to select an investment for it - a mutual fund, money-market fund, etc.  What did you select?  Or did you open a brokerage account?  Go online and look at your account.

Answer 2

That will depend on what USAA has available for you. If your IRA is a brokerage account you can invest the money in stock, bonds, mutual funds, or almost anything. Do some research and find something that fits your time frame and that you are comfortable with. Don't forget to add as much as you can to the account, as early as you can.