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>>>I'm in the 15 percent tax bracket, My question is: Should I dollar cost average with an existing growth and income mutual fund or should I open up a Roth IRA?Iplan on holding either investment for twenty years.<<<

If you are planning on keeping this for 20 years, you will be many dollars ahead to go with the Roth and use mutual funds as the vehicle. Dollar cost averaging is a good practice in a volitile market, but the relative small dollars and the long term plan using a Roth makes it desirable to put everything into the Roth at once.

Note that using the growth and income mutual fund will generate you taxable income from the dividends and gains and losses, and in a volitile market you will see a lot of buys and sells in these funds, all that will be protected with a Roth.

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