Where would be the best place to invest in an IRA Roth to cut down on fees and charges on the account. Would it be better to go to an investment company, bank or is there some other place to go? I am a complete novice when it comes to retirement plans so any advice from a person who has experience of this would be great. Thanks
Check TMF's information on discount brokers. Most, if not all, discount brokers do not charge an annual account management fee. This means that if you set up a Roth IRA with a discount broker that does not charge an account management fee, your only costs will be the normal buy/sell commissions when you buy and sell stocks or other investments in your account.
You mean you can set up a Roth and manage it yourself? What would the advantages be over an account managed by a pro? I guess just reduced fees and more of a risk for a novice trader? Also how many Roths can you set up per person?
Check out http://www.fool.com/money/allaboutiras/allaboutiras.htm> You mean you can set up a Roth and manage it yourself? Yes, indeed!>What would the advantages be over an account managed by a pro? An account managed by a pro doesnt always have as much potential as can a self managed account. It really depends on how much risk you wish to take... Janus has some good funds as well as Vanguard... but you'll have to do some research... > I guess just reduced fees and more of a risk for a novice trader? Yup... actually no fees for most discount brokers except what it costs to buy/sell. > Also how many Roths can you set up per person? As far as i know, as many as you wish as long as you keep your TOTAL investments to ALL IRA's under $2,000 a year. So you can split up your $2,000 dollars however you wish... Say you decided to invest the minimum for a Vanguard Roth IRA ($1,000) and then you wanted to open another Roth IRA acct. with a discount broker and so you invest this $1,000 toward say IBM($500) and CSCO($500)...
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