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Im 25 thinking about starting a Roth IRA account....cureently work part-time in retail making 7.73..........(Im currently looking for a new job...to start my Roth IRA) What are some good companies? Annual FEEs, Great Customer Service ,
I nknow that T-Rowe price said you can contribute up to 50.00 per month........but I read about their customer service and it was horrible....
Im not doing a 401 K becuase it isnt tax deffered...meaning I would habve to pay taxes on my contributions,,,,,,,,,,,
So to save money I was going to do A Roth IRA....and contribute my own funds...when I get a higher paying job......
I don't know where you get that T. Rowe Price's customer service is horrible. I've only had good experiences with them.
The part about not doing a 401K doesn't make sense. 401Ks are tax deferred by definition.
At your age, I'd definitely go with a Roth IRA account as opposed to a traditional IRA. With either IRA, you can invest the money in a number of ways. I just have mine in an online stock brokerage account (no annual fees) and I direct the investments myself. That's not for everyone, but it works well for me.
Can you close a mutual fund Roth and move the cash into a stock brokerage Roth account without penalty?
Roth IRA is simply an account type, you can hold a wide range of investments within the account. Yes you can sell a mutual fund in your Roth and just hold cash
Roth IRA is simply an account type, you can hold a wide range of investments within the account. Yes you can sell a mutual fund in your Roth and just hold cash
You can close (or transfer) a Roth IRA that is 100% with one mutual fund company and put the cash in a Roth that is simply a brokerage account without paying a penalty?
You can close (or transfer) a Roth IRA that is 100% with one mutual fund company and put the cash in a Roth that is simply a brokerage account without paying a penalty?
I'm not sure what you mean by simply a brokerage account.
If you have a Roth at American funds and a Roth at Chase you can sell your investments at American funds and have the funds transfered to your chase Roth without penalty. They (American funds) can code the funds movement as a transfer instead of a distribution and it's not taxable. You could also remove the money from American funds and as long as you deposited it to your chase Roth with 60 days as a rollover that would work too
I'm not sure what you mean by simply a brokerage account.
If you have a Roth at American funds and a Roth at Chase you can sell your investments at American funds and have the funds transfered to your chase Roth without penalty. They (American funds) can code the funds movement as a transfer instead of a distribution and it's not taxable. You could also remove the money from American funds and as long as you deposited it to your chase Roth with 60 days as a rollover that would work too
I would add E*Trade to the list.
If you are going to buy mutual funds and ETF I would go to Vanguard.
Some brokers offer some free (no trading charge) buying and selling of ETF's. But remember performance is what you want not just free trades.
You do want the ROTH because you are probably paying no or very low income taxes and would not benefit from an IRA.
If you have the cash now open the account now, don't wait.
I think you will find some of the mentioned vendors have very low dollar requirements to open an account.
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