Comments on: Opening a Roth IRA on a Budget http://www.interestingmoney.com/2007/11/21/opening-a-roth-ira-on-a-budget/ Yet Another Personal Finance Blog Wed, 10 Mar 2010 02:05:53 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Steven Townsend http://www.interestingmoney.com/2007/11/21/opening-a-roth-ira-on-a-budget/comment-page-1/#comment-10677 Steven Townsend Fri, 14 Aug 2009 03:23:44 +0000 http://www.interestingmoney.com/2007/11/21/opening-a-roth-ira-on-a-budget/#comment-10677 I use "Hodges Fund" for my childrens IRA I started last year. I figured Social Security wouldn't be around by the time they got there. Hodges Fund only requires $250 startup with NO mandatory monthly deposits. I think their expense ratio is 1.5%. You can get the startup application right off of their website. Just do a google search for hodges fund. I use “Hodges Fund” for my childrens IRA I started last year. I figured Social Security wouldn’t be around by the time they got there. Hodges Fund only requires $250 startup with NO mandatory monthly deposits. I think their expense ratio is 1.5%. You can get the startup application right off of their website. Just do a google search for hodges fund.

]]> By: Mr. B http://www.interestingmoney.com/2007/11/21/opening-a-roth-ira-on-a-budget/comment-page-1/#comment-6121 Mr. B Tue, 25 Nov 2008 18:58:55 +0000 http://www.interestingmoney.com/2007/11/21/opening-a-roth-ira-on-a-budget/#comment-6121 Fern - I suggest going with the Vanguard STAR option. Yes, the economy has been tanking, but if you have 20+ years before you need the money, NOW is actually a pretty good time to get into mutual funds. It's a much better time than when I opening my Roth IRA at Vanguard (early 2007). My Vanguard IRA is down about 40% right now, but since I have 30 years or so until retirement, I'm not too worried. Just remember the old adage about "buy low, sell high." Right now the market is low. Fern – I suggest going with the Vanguard STAR option. Yes, the economy has been tanking, but if you have 20+ years before you need the money, NOW is actually a pretty good time to get into mutual funds. It’s a much better time than when I opening my Roth IRA at Vanguard (early 2007).

My Vanguard IRA is down about 40% right now, but since I have 30 years or so until retirement, I’m not too worried.

Just remember the old adage about “buy low, sell high.” Right now the market is low.

]]> By: Fern http://www.interestingmoney.com/2007/11/21/opening-a-roth-ira-on-a-budget/comment-page-1/#comment-6120 Fern Tue, 25 Nov 2008 18:14:34 +0000 http://www.interestingmoney.com/2007/11/21/opening-a-roth-ira-on-a-budget/#comment-6120 Hi. I've got an IRA question for you. I opened a CD IRA with Bank of America a while back. (I didn't know much about IRA's back then, except that it was imperative to start early.) The CD is about to mature, and I had planned on transferring it to a Vanguard STAR account, but now that the economy is tanking, should I reconsider? And put it in a CD again, since the return rate is fixed? Hi. I’ve got an IRA question for you. I opened a CD IRA with Bank of America a while back. (I didn’t know much about IRA’s back then, except that it was imperative to start early.) The CD is about to mature, and I had planned on transferring it to a Vanguard STAR account, but now that the economy is tanking, should I reconsider? And put it in a CD again, since the return rate is fixed?

]]> By: Jessica Bennet http://www.interestingmoney.com/2007/11/21/opening-a-roth-ira-on-a-budget/comment-page-1/#comment-3464 Jessica Bennet Sat, 26 Jan 2008 14:00:52 +0000 http://www.interestingmoney.com/2007/11/21/opening-a-roth-ira-on-a-budget/#comment-3464 Hi, A Roth IRA isn't a good option if one is looking to get tax deductions on the contributions as in a traditional IRA or 401k Plan. However, the earnings on a Roth and withdrawal from it are tax-free. So, in a way, it has some tax benefits. If anyone is really interested to get tax benefits through contributions, well, he may go for a flexible spending account or a traditional IRA etc. There are however some other ways to get tax deductions/credits and these are available at http://articles.moneycentral.msn.com/Taxes/CutYourTaxes/10bigDeductionsTooManyPeopleMiss.aspx and http://www.mortgagefit.com/tax/34tips-deduction.html . Regards, Jessica Hi,

A Roth IRA isn’t a good option if one is looking to get tax deductions on the contributions as in a traditional IRA or 401k Plan. However, the earnings on a Roth and withdrawal from it are tax-free. So, in a way, it has some tax benefits.

If anyone is really interested to get tax benefits through contributions, well, he may go for a flexible spending account or a traditional IRA etc. There are however some other ways to get tax deductions/credits and these are available at http://articles.moneycentral.msn.com/Taxes/CutYourTaxes/10bigDeductionsTooManyPeopleMiss.aspx
and http://www.mortgagefit.com/tax/34tips-deduction.html .

Regards,

Jessica

]]> By: Uncle Jim http://www.interestingmoney.com/2007/11/21/opening-a-roth-ira-on-a-budget/comment-page-1/#comment-3393 Uncle Jim Thu, 24 Jan 2008 18:09:06 +0000 http://www.interestingmoney.com/2007/11/21/opening-a-roth-ira-on-a-budget/#comment-3393 Good Info. I am personally headed for the Roth IRA. Just remember that knowledge is power. Make your decisions based on your specific goals and don't let anything stand in the way of your dreams. As always, a goal is just a dream with a deadline. Uncle Jim Good Info. I am personally headed for the Roth IRA. Just remember that knowledge is power. Make your decisions based on your specific goals and don’t let anything stand in the way of your dreams. As always, a goal is just a dream with a deadline.

Uncle Jim

]]> By: Steven Burda, MBA http://www.interestingmoney.com/2007/11/21/opening-a-roth-ira-on-a-budget/comment-page-1/#comment-938 Steven Burda, MBA Mon, 17 Dec 2007 04:26:24 +0000 http://www.interestingmoney.com/2007/11/21/opening-a-roth-ira-on-a-budget/#comment-938 Thanks! Happy New Year (three weeks!) www.linkedin.com/in/burda Thanks!

Happy New Year (three weeks!)

http://www.linkedin.com/in/burda

]]> By: Mr. B http://www.interestingmoney.com/2007/11/21/opening-a-roth-ira-on-a-budget/comment-page-1/#comment-797 Mr. B Mon, 26 Nov 2007 20:35:41 +0000 http://www.interestingmoney.com/2007/11/21/opening-a-roth-ira-on-a-budget/#comment-797 You're welcome. If you can afford the minimum, Vanguard is an excellent choice. I like their Target Retirement funds because they are essentially pre-packaged portfolios. It's nice for people like myself who have not accumulated mega bucks yet. :-) You’re welcome. If you can afford the minimum, Vanguard is an excellent choice. I like their Target Retirement funds because they are essentially pre-packaged portfolios. It’s nice for people like myself who have not accumulated mega bucks yet. :-)

]]> By: Free From Broke http://www.interestingmoney.com/2007/11/21/opening-a-roth-ira-on-a-budget/comment-page-1/#comment-795 Free From Broke Mon, 26 Nov 2007 19:39:55 +0000 http://www.interestingmoney.com/2007/11/21/opening-a-roth-ira-on-a-budget/#comment-795 Thanks for the great info! I'm looking into contributing to a Roth IRA and I'm leaning towards Vanguard. Thanks for the great info! I’m looking into contributing to a Roth IRA and I’m leaning towards Vanguard.

]]> By: Carnival of Personal Finance #128 - Investment Truth Edition - Stock Trading To Go http://www.interestingmoney.com/2007/11/21/opening-a-roth-ira-on-a-budget/comment-page-1/#comment-794 Carnival of Personal Finance #128 - Investment Truth Edition - Stock Trading To Go Mon, 26 Nov 2007 18:18:02 +0000 http://www.interestingmoney.com/2007/11/21/opening-a-roth-ira-on-a-budget/#comment-794 [...] B from Interesting Money presents Opening a Roth IRA on a Budget, and says, “Here are a few ways to start a Roth IRA with less than $500. [...] [...] B from Interesting Money presents Opening a Roth IRA on a Budget, and says, “Here are a few ways to start a Roth IRA with less than $500. [...]

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