No. of Recommendations: 0
Greetings, Darryl, and welcome.

<<I would like to know if anyone can tell me how to make my own IRA. I'd like to place at least my maximum contribution allowed into an IRA, but don't necessarily like all the funds out there. Can anyone help?>>

While you can't act as your own custodian, you are free to set up an IRA with virtually any broker, mutual fund, banker or insurance company of your choice. Once established, you can then contribute up to the maximum of $2K allowed in any year. The tax deductability of that contribution will depend on the availability of a qualified retirement plan through your (or a spouse's) employment, your Adjusted Gross Income, and your tax filing status. You can get all this info by ordering and reading IRS Publication 590, Individual Retirement Arrangements. It's free, and to order just call 1-800-TAX-FORM.

From the tenor of your post, it sounds like you desire to do your own investing. If so, then you will want to establish a self-directed IRA with a broker. Just call the one of your choice, and they'll tell you how that can be done.

Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.