Comments on: Go Open A Roth IRA Right Now!!!

By: Alex

Alex — Wed, 04 May 2011 19:03:27 +0000

I read this post in August 2007 and did just as it says to do. I had just finished paying off my student debt, had no savings and was looking into ways to invest the little extra cash I had. I opened a roth IRA with Vanguard with automatic bi-weekly deposits from my savings account and on the same day enrolled for a 401k with my employer. I now have over 40K in the two accounts combined (will be about 50K in August)and I have a healthy emergency fund at my local credit union. If you are reading this and don’t have an IRA, open one and start funding it today. It doesn’t matter where you open one at this time, Vanguard, Fidelity, Edward Jones….worry about that later.

By: Jane

Jane — Mon, 19 Oct 2009 20:11:42 +0000

I already have a Roth IRA, but it’s entirely composed of mutual funds. Now I would like to add some individual stocks to my Roth IRA. How do I do this? Do I have to go through a brokerage house and pay the fees? (If so, any recommendation for controlling the fees?) Or can I invest directly with the company I’m interested in, placing the investment within my Roth? Any ideas?

By: Sam

Sam — Tue, 27 Jan 2009 15:49:12 +0000

Jim -
I am 28 years old and do not have a ROTH IRA and every year since the last 3-4 years keep thinking about starting one but never get around to it. This year I am determined to before April 15. Could you possibly do an updated post on this topic keeping in mind current financial/economic situation? Where should I open a ROTH IRA, is one better than others? Any more info. will be greatly greatly appreciated. Thanks so much!

Sam

By: Anonymous

Anonymous — Wed, 16 Apr 2008 06:51:11 +0000

btw for the above…..have you consolidated your student loans? You can probably get that interest rate a lot lower!! Check into it if you haven’t. I got mine down 4% by doing so.

By: Anonymous

Anonymous — Wed, 16 Apr 2008 06:48:24 +0000

for the above ^^^^^

my humble advise is contribute as much as you can to a Roth or any retirement account….and not worry so much about your student loan.

Student loans are “good” debt….an investment in you. Take your time paying it off (no extra payment). And interest paid on a student loan is tax deductible. Keep it around awhile.

Good luck.

By: Saucyk

Saucyk — Wed, 09 Apr 2008 07:54:03 +0000

Hi,
I’m 29 years old. Just graduated college with my Masters degree and about $45,000 in debt. I am starting a new job in a month. I should make approx. $67K a year. I want to open a Roth IRA for 2007 and put in $4,000 now, and then work on paying off my student loans and contributing the $5K every year til 2010 when they change the amount. Anyhow….would it be best to pay off my loans first? I have about a 6% interest rate….just put the 4K on the loans and wait to open up an IRA or just do both….and pay my loans longer…..I’ve been living like a poor college kid for a long time working my way through (why I have so little in loans compared to my friends) I’d like to have my loans paid off in 3 years, contribute to my companies 401K, my 5k Roth IRA and pay rent and eat….am I being too silly? I need advise and help! Please someone! What do you think? Also, if I open a Roth IRA, do I have to change my taxes? I was going to file them tomorrow!

By: Lisa E

Lisa E — Fri, 28 Mar 2008 20:46:52 +0000

I already filed my 2007 taxes myself through Turbo Tax and now want to go back and catch the chance to contribute the 2007 $4000 before April 15th.

I asked my financial advisor and he recommended I check with my tax advisor. Since I don’t have one, I googled the question and came across your site.

Can you tell me what I need to be sure to change/update in Turbo Tax? Do I need to refile my taxes after I do this? My financial advisor said that it won’t affect my taxes but that he believes I need to make a record of it.

Thanks!

By: Sigitas Jakucionis

Sigitas Jakucionis — Fri, 28 Mar 2008 03:36:44 +0000

Can I have two ROTH IRA accounts with two brokers? Can I contribute $4000 to one fund for 2007 and $5000 to another fund for 2008?

By: Jaylen

Jaylen — Sun, 09 Mar 2008 05:39:52 +0000

^^^^^^^

I’ve never heard anything so crazy! Who wouldn’t want to take your money? When I opened my Roth with Vanguard, it was extremely easy, and I’m almost certain they didn’t run a credit check.

Go somewhere else!! Good luck!

p.s. If I’m wrong about a credit check then sorry….but how dumb would that be? Half of America wouldn’t be able to save for retirement if a high FICO score determined their participation ability.

By: amimn

amimn — Fri, 07 Mar 2008 22:26:40 +0000

I tried to open a Roth IRA with Scottrade, but was denied based on my credit score. What does this have to do with trying to save?
I earn 57k yr. credit score lowered due to running from a bad marriage. Working on rebuilding my life!
Any other co that opens regardless of score?

By: jim

jim — Fri, 07 Mar 2008 18:26:20 +0000

John Bogle, of Vanguard fame, recommends index funds, I agree with him.

By: Singh

Singh — Fri, 07 Mar 2008 13:58:07 +0000

Jim your responses to the questions were very explain, i have a question, once you get a Roth IRA account open, what do you think is the best thing to invest in, STOCKs ? Mutual Funds ? CDs ??

By: No Debt Plan

No Debt Plan — Tue, 04 Mar 2008 12:58:20 +0000

We recently did it, and fully funded one as well. It really is the easy, at least with Vanguard.

By: cynthia bailey

cynthia bailey — Mon, 11 Feb 2008 00:41:27 +0000

I am 52, ex and I put all our retirement into a home that he lost after the split. I am having to start from square one, new location, new job, that offered nothing….and thats where I sit today, Im scared to death and dont know what to do.

By: Faith

Faith — Wed, 06 Feb 2008 18:26:52 +0000

I just found your website recently and I love it! Thanks for the info. I’m 36 years old and have been with my current job since I was 22. I have Teacher’s Retirement (TRS) with them since I started (they sign you up automatically with 100% matching contribution which is 6% of employee salary). Aside from the traditional 403b (TSA) and Deferred Compensation Plan 457(b), they are now offering Roth 403b which I think is awesome!!! Now that I’m debt free and have $2000 to save per month, I recently opened a Roth 403b (chose a top-rated mutual fund from Fidelity) and will religiously contribute $500 per pay (I get paid Bi-weekly). I also opened a Roth IRA with Fidelity and set up automatic withdrawal from my bank. I intend to max it. I’m also funding an emergency fund with a reputable online bank which is currently offering 4.05% APY (used to be 5.15%). I will try to save as much as I could. Nowadays, I get really excited with investing and looking forward to retiring comfortably. I promise myself that I will be more proactive with investing and more in control of my money. I hope I’m on the right track to a comfortable retirement.