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Author: DarkOut Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76406  
Subject: Re: IRA Date: 5/6/1999 11:15 PM
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ChloeCreek wrote:
Would someone give me a brief plan as to my first step towards starting an IRA?

Fairly simple.

1. Select several brokers or mutual fund companies (I would do a deep discount broker).

2. Call/visit the web sites for each candidate and request an IRA kit and related forms.

3. Study the forms and info.

4. Decide that's important to you and select the one that best matches your needs.

Is there a minimum initial investment?

Depends on where you open the IRA. Some have minimums, some don't. Some have no minimums only if you set up automatic investments, etc. Read the literature (and the fine print about fees, like yearly maintenace and termination fees).

Can I direct deposit from my salary?

Probably not directly from your paycheck (but check with your employer here). An option used by many, many folks is to set up an IRA where automatic monthly withdrawals are made from your checking/savings account and deposited into the IRA. You set up arrangements like this with whoever you chose as the IRA custodian (not all offer this option, but most do).

Also visit the Discount Broker board for more info:

http://boards.fool.com/Messages.asp?id=1040005000000000

Good luck.

--DarkOut
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