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Old 02-11-2012, 08:17 AM
 
8 posts, read 16,465 times
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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......
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Old 02-11-2012, 11:25 AM
 
Location: WA
5,446 posts, read 21,758,474 times
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Fidelity, Schwab, Vanguard, and others will provide full service financial services at a reasonable cost.
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Old 02-11-2012, 12:16 PM
 
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what about Edward Jones?
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Old 02-11-2012, 04:14 PM
 
Location: WA
5,446 posts, read 21,758,474 times
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Quote:
Originally Posted by G-Rod View Post
what about Edward Jones?
Don't know about their current charges but they used to pride themselves as a full service broker and charge ten times as much as the firms mentioned above.
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Old 02-11-2012, 04:54 PM
 
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Roth IRA / Roth 401k isn't tax deferred. You pay tax on the money you put into it, but all the gains are tax free later.

A traditional IRA / traditional 401k is tax deferred. You deduct your contribution from the current year's income, lowering the tax you pay now; however you pay tax later on the gains when you eventually draw it down.

Since your income isn't likely to be high from what you describe, your income tax rate is low, so definitely do Roth.

Traditional IRA-401k is often better for people who make $50,000+ and live in a state with a high income tax.
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Old 02-11-2012, 05:20 PM
 
24,497 posts, read 36,161,070 times
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Quote:
Originally Posted by cdelena View Post
Fidelity, Schwab, Vanguard, and others will provide full service financial services at a reasonable cost.
Good advice above. Personally, I'd choose one of the three cdelena mentioned. At this stage, choose the one with the closest branch to you. Then when you build up a decent amount of cash, research the pros/cons of each and move there. I prefer Fidelity myself.
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Old 02-13-2012, 08:44 AM
 
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thanks guys!
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Old 02-13-2012, 02:39 PM
 
Location: New York, NY
650 posts, read 1,614,384 times
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Quote:
Originally Posted by G-Rod View Post

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......

You have this reversed. Read df175's post.

You should do a Roth IRA. Even though you have to pay taxes, it's a great way to save. And if you ever need money in the future, I believe you can take your ORIGINAL contributions out of your Roth (not your gains) without a tax penalty. Since you already paid tax on it. So that's always a plus.
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Old 02-18-2012, 03:20 AM
 
75,695 posts, read 75,109,792 times
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i look at being able to take money out easily as a negative. that money should be sacred and used as a last possible resort.

like fighting a war,taking from one battle front to shore up another battle front may win a battle but you will lose the war.

the more obstacles in the path to hitting that retirement money the better i like it.
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Old 02-18-2012, 08:27 AM
 
Location: New Jersey
844 posts, read 2,719,112 times
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Vanguard has very low mutual fund fees.
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