Roth IRA investment advice?

Question

I am looking to start putting 10% of my paycheck in an Roth IRA, but I do not have direct deposit, I need an east way to deposit the money in bi-weekly and have a company invest the money for me. Is there an easy and convenient way to do this? What are some legit companies that offer this type of service?

Answer 1

Put your check into a bank checking account and have a mutual fund company electronically transfer the funds to one of their investment funds.  T. Rowe Price will do it for as little as $50 per month.  They have no-load, low expense funds so you don't have to pay commissions buying ETF's every month.  Vanguard requires a minimum of $1,000 initial investment for their STAR fund, $3,000 for most of their funds and $10,000 and $25,000 for other of their funds.

Answer 2

You can set up an IRA with mutual fund houses like T. Rowe Price or Vanguard and sign up for monthly automatic contributions from your bank account.

Answer 3

More than " legit", you want " full service"...I'd guess that would be Fidelity, Schwab, J.P.Mrgn-Chase

Check on the websites for a phone number...talk to a rep...

...you would need the co-operation of not only the investment company, but also your employer...( if you want it " automatic" or " direct"...)

...or you could handle it yourself in a more elaborate manner...open a ROTH IRA account with Fidelity for $ 250/ $ 500.  then make a small purchase of some ETF  ( even if you just get 10 or 15 shares)... Your results will be on-line BUT they will also send you notification by U.S. mail.... on that notification is a blank for more contributions... so instead of bi-weekly, you could add to your IRA monthly...just like normal writing of the ' bill-paying" checks.  Keep adding to your account ...in the " cash" portion ..until you feel you have enough to make another purchase.... but it would cost you to keep buying ETFs... ( they are charged " per buy" ")

BUT>>>it just dawned on me .... I believe that SOME mutual funds...when purchased in an IRA , have very small " initial minimum investments"....a better way to go would be the mutual fund if you could...because there's no charge to buy into them, even on that monthly basis.

Yep...call someone at Fidelity.