Planing for long-term retirment by opening a Roth IRA. Any advice on who to setup my w/ account with?
Bank, Insurance Co., Mutal Fund Co., Brokage Firm any advise would be greatly appreciated
Answers
904 points
jillybeansisme answered one year ago …
I like Charles Schwab. It's $8.95 per online trade. I've never had any problems with them. They offer research, newsletters, etc. You can add money in many ways. Currently I have a traditional IRA with them through a direct rollover of a 401K account and other IRAs (back when I did it there were no ROTH IRAs).
Good luck with your future! Good for you for starting your retirement funding!
2775 points
Oldman answered one year ago …
A few other things to keep in mind...You cannot borrow or loan money in any kind of IRA ...so no shorting or puts.
If you're just starting, and saving, you may want to open a systematic deposit investment (as long as your MAGI will allow you to do so) in mutual funds at T.RowePrice or Fidelity. If I were just beginning now, I'd probably choose TRP/Fido, and they also have brokerage sections ... so if you've accumulated a large account, you can -tax-free- convert a mutual fund IRA to a brokerage IRA.
Also, be aware that investing in those partnerships that may yield more than $1000./yr in income from "Unrelated Business Taxable Income" on their K-1 partnership forms will also disqualify an IRA rom being sheltered vs. tax at a marginal rate ... which is something to look for in prospectuses from some of the "Hot" commodity grantor trusts and some of the other ETF's ... Read the prospecti very carefully. As an example, a high-yielding oil tanker company, Frontline (FRO) spun off a business venture, "Ship Finance Limited" this past year. In a taxable account, that's fine...but, in the new FRO prospectus is boldface italics.,.."the company may hypothecate common shares"...which means that the shares may be used as collateral for a loan, and that can disqualify the IRA.
989 points
rvilmur answered one year ago …
The most flexible brokerage is Think or Swim based in Chicago. They have the best investing tools of anybody, a free real time data feed, and reasonable rates for stock and options. In an IRA they do allow any options activity that does not have a chance of unlimited loss (No naked selling of calls). To sell naked puts you do have to have enough cash in the account to cover the cost of the stock you may get to buy if assigned.
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guybuck1 answered one year ago …
I would recommend setting it up in the public side of TIAA/CREF. They have very low management fees and their mutual funds cover almost all spectrums of investing in stocks or bonds. Call 1 800 842 2776
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