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Investing/Strategies / Retirement Investing
|Subject: Re: self directed roth IRA?||Date: 9/13/1998 10:59 AM|
|Author: TMFPixy||Number: 5406 of 78013|
Greetings, Goldenkj, and welcome. You asked:
I would like to open a Roth Educational IRA for my 4 year old daughter. I haven't done so yet mostly because of my distrust of mutual funds. The correction has given me renewed incentive to get moving.
Can I use the $500 for individual stocks or do I have to use a mutual fund?
You may open the EIRA with a broker or fund. The problem will be to find one (particularly a broker) that will accept the account. Many funds and brokers will not because the contributions are limited to $500 per year. That's a very small amount of dollars for the administration that would be involved. Consequently, many custodians simply don't want to be bothered.
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