I was looking into opening up a roth ira...?

Question

i was looking to open up a roth ira but am not sure whom to do so with, is there a good financial planner out there that would be good to do this with, i would appreciate all the info u have on this subject because this is not my strong suit, thanks for your help...

Answer 1

Bill-

If you're looking to open your first Roth IRA, you don't really need a planner.  Go to one of the mutual fund companies that sells direct, such as Fidelity, Vanguard, T. Rowe Price, etc.  Look for "lifecycle" or "lifestage" type funds.  They will often identify a specific year in their name, such as the "Lifestyle 2040 Fund."  If you're around 30 now, and may retire around the year 2040, this fund will gradually adapt its portfolio as you get closer to that target date.

As your portfolio grows, you'll need some more sophisticated advice- that's when you should see a planner.

BTW, I'm in that industry and provide financial planning services.  If you came into my office, this is the advice I'd give you.

Answer 2

No need for a planner at all. Schwab.com fine. They have those target funds those aren't the best idea. Etfs & solid closed ends like ADX & GAM will do the job.

Answer 3

Do your research. You will need to watch out for the people that will manage your account, while whittling your money away from you.

If you are relatively intelligent, have self control and can invest the time, you can open an account and manage it yourself. You will want to check some good websites and books. Motly Fool have some good tips on their site. Listen to the weekend AM talk radio. There are often shows there that give good tips.

Answer 4

Go direct with a good mutual fund house like T. Rowe Price or Vanguard.

Answer 5

Okay to start, I'll just repeat what everyone else said: You don't need a financial planner !

What you do need is just SOME familiarity with " investing"...and a " plan" that you can create ( with help or without )

If you invest with a full- service company like Fidelity, you can get all the info you need on-line...you can do all your investing on-line, and if you want a little help or advice, it's there .too.

Sooooo...go there , fill out the application...send a check and get a " self-directed ROTH IRA "... you will have thousands of different funds to select from and help in deciding where you want to put your money to start.

Once you choose a fund ( or two) you can check on them on-line... after awhile you may want to seek better returns...and you can change on line...or maybe just take some profit and get into another completely different fund....or learn about ETFs... and branch out into a wider variety of investments...or narrow down to one that is just " cooking".

All of it sounds like gibberish at first, but when you have your money on the line, you will be surprised at how fast you will learn to take care of it... and you will be delighted somewhere down the road when you see what you've accomplished.

Millions and millions of Americans do it...you can too.