Go Back   Christian Guitar Forum > Deeper Issues > Life Issues
Register FAQ Members List Calendar Arcade Mark Forums Read

Reply
LinkBack Thread Tools Display Modes
Unread 09-09-2014, 03:36 PM   #1
and you were wondering??
Administrator
 
Uptown Thrunk's Avatar
 

Joined: Aug 2004
Location: In the bedrock of Being.
Posts: 14,786
paid
Roth IRA Advice

So, I am starting a new retirement account since I am, ya know, still pretty young.

Shopping around for Roth IRA's and I was thinking of going with T. Rowe Price. Requirements seem to be an initial amount of $1000, and then a min. of $100 monthly contributions.

Anyone have any experience with these? Does this sound good? I know they are generally reliable, but anyone have any advice on other companies to look at?

__________________
Hello! Come visit my blog! http://taylormweaver.wordpress.com/

Yes... I am the official "Knight Who Will Write Something On Derrida".
Bask in the wonderful glory.

"outside of a dog a book is a man's best friend... inside a dog it is too dark to read."
-groucho marx

Quote:
Originally Posted by Demon_Hunter View Post
Taylor, you just got drive-by theologied.
Uptown Thrunk is offline   Reply With Quote
Sponsored Links
Unread 09-09-2014, 07:52 PM   #2
The Math
 
Wesley7777's Avatar
 

Joined: Aug 2003
Posts: 2,944
I am a huge fan of Vanguard because of the extreme low expense costs on the mutual funds and ETFs, and you can trade their ETFs commission free. But I do think a ROTH iRA is a good idea. My wife and I both have them and max them out every year.
Wesley7777 is offline   Reply With Quote
Unread 09-14-2014, 09:16 PM   #3
Laborer/Philosopher
 
Chrysostom's Avatar
 

Joined: Sep 2001
Location: Austin, TX
Posts: 18,022
Most brokers (Scottrade etc.) will have plans you can use that don't require monthly contributions etc. You'll pay some amount of money per transaction -- that is, per stock purchase or sale within the account, not per cash contribution to the account. If you want to follow Wesley's advice and get a low-fee Vanguard index ETF, a common choice is VTI.

For legal reasons I am not able to make recommendations, so this is just a sharing of information.
__________________
Peace,
John

CGR Blog
Chrysostom is offline   Reply With Quote
Unread 09-15-2014, 05:25 AM   #4
Be happy
 
bobthecockroach's Avatar
 

Joined: Apr 2001
Location: Louisiana
Posts: 20,571
I also use Vanguard.
__________________
Lord, have mercy
bobthecockroach is offline   Reply With Quote
Unread 09-15-2014, 08:41 AM   #5
and you were wondering??
Administrator
 
Uptown Thrunk's Avatar
 

Joined: Aug 2004
Location: In the bedrock of Being.
Posts: 14,786
paid
Thanks all.

I did, several days after starting this thread, start a Roth IRA with T. Rowe Price. Perhaps I should have waited and looked in to Vanguard, but I still feel fairly confident about my choice. I just want to be at least sorta secure when I am nearing retirement, and the sooner one starts the better.

I had thought about rolling my other account into this one, but ultimately thought it a good idea to have two separate ones and try to "diversify". Also, my plan is a 2055 plan, just because it felt safe, and I am not really in this to make money quick, obviously.
__________________
Hello! Come visit my blog! http://taylormweaver.wordpress.com/

Yes... I am the official "Knight Who Will Write Something On Derrida".
Bask in the wonderful glory.

"outside of a dog a book is a man's best friend... inside a dog it is too dark to read."
-groucho marx

Quote:
Originally Posted by Demon_Hunter View Post
Taylor, you just got drive-by theologied.
Uptown Thrunk is offline   Reply With Quote
Unread 09-15-2014, 08:44 AM   #6
Be happy
 
bobthecockroach's Avatar
 

Joined: Apr 2001
Location: Louisiana
Posts: 20,571
Just one more note, target year plans sometimes have high expense ratios. Make sure you know what yours is and that you feel it's worth the money over picking funds yourself. For me, I saved more than a full percentage point in expense ratio by getting out of the target year plan for my 401k and getting into individual funds (all low cost index funds of course).
__________________
Lord, have mercy
bobthecockroach is offline   Reply With Quote
Unread 09-15-2014, 08:48 AM   #7
and you were wondering??
Administrator
 
Uptown Thrunk's Avatar
 

Joined: Aug 2004
Location: In the bedrock of Being.
Posts: 14,786
paid
Hmmmm... good advice.

I may look into that tonight. Part of what worries me, however, is what to pick! I am not that savvy when it comes to picking funds. I have thought about blue chip stuff and a few others have caught my eye. I guess it just depends on what has been performing well. No magic formula, eh?
__________________
Hello! Come visit my blog! http://taylormweaver.wordpress.com/

Yes... I am the official "Knight Who Will Write Something On Derrida".
Bask in the wonderful glory.

"outside of a dog a book is a man's best friend... inside a dog it is too dark to read."
-groucho marx

Quote:
Originally Posted by Demon_Hunter View Post
Taylor, you just got drive-by theologied.
Uptown Thrunk is offline   Reply With Quote
Unread 09-15-2014, 09:36 AM   #8
Be happy
 
bobthecockroach's Avatar
 

Joined: Apr 2001
Location: Louisiana
Posts: 20,571
Quote:
Originally Posted by Thrash View Post
Hmmmm... good advice.

I may look into that tonight. Part of what worries me, however, is what to pick! I am not that savvy when it comes to picking funds. I have thought about blue chip stuff and a few others have caught my eye. I guess it just depends on what has been performing well. No magic formula, eh?
It definitely does not depend on what has been performing well. The most important mantra in investing is "past performance does not predict future results."

I highly recommend watching these videos:

Video:Bogleheads® investment philosophy - Bogleheads

Your 2055 fund should list somewhere what funds it is composed of. Most likely the largest chunk is S&P 500, which is about the further thing possible from trying to predict what will perform well. It's just grabbing the largest companies in proportions equivalent to their size basically.

In general, for most people, this is what is recommended. Buy the entire market in proportional shares so that you aren't betting on any companies or industries in particular, just that overall the economy will go up.

Obvious disclaimer: I am a computer programmer, not an economist or investing professional. I am relaying what I've learned and what I've applied, but I can't predict any more than anyone else can what will be a successful investing strategy.
__________________
Lord, have mercy
bobthecockroach is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -6. The time now is 08:51 AM.


Search Engine Friendly URLs by vBSEO 3.6.0 PL2