Independent Retirement Account, Who Has One?

[Jinx]

Just wanted to see what the field was like and if any of you have had success with a particular source and type of Independent Retirement Account?? What company holds your account and are you happy with fees and service?

thanks.

 

[Red_LX]

I have an IRA with Fidelity that I opened years ago...I had a 401(k) when I worked at sears with a couple thousand in it and I couldn't do anything with it when I left so I rolled it over to Fidelity. Now it's my "play money" account that I put a little money in every month and I mostly use it to play around with stocks (I have a real 401(k) at work now that I put a lot more money into).

I like it, their interface is easy to use and I don't know exactly what their fee structure is but they only charge $7 for most trades I've done (I usually don't do more than $100 or so at a time though).

 

[Jinx]

Thanks for the input

I'm looking to set one up as a kind of "fire and forget" scenario that I can dump money into twice a month. I don't want to actively trade just yet, but I do want something that will grow relatively quickly (as much as it can) with medium to low risk. I hear Vanguard and TD Ameritrade might be the way to go for that kind of stuff. No-load funds, minimal account service fees and index funds.

 

[DocG]

My old retirement account was setup with some medium risk Vanguard funds. It would average about 8-10 percent return. I had a little bit of variety between real estate and the 500 type accounts.


Edit...meant to specify the mutual funds but you probably understood that. I had mine somewhat balanced with about 30% in low risk like bonds, about 20% in high risk, and the rest in between. In the 9 years I had it, I would say about the 10% average. Some quarters the high risk stuff would pull in 20-25%, some quarters lose but never the same as the overall gain.

Anyways, I found Vanguard to be well managed funds and would recommend!

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[DocG]

Tim usually has solid input on this type of thing, if you can find him lol.


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[Red_LX]

Only thing with Fidelity is I'm not sure how you trade mutual funds. Keep meaning to look into that and always forget.

 

[Mustang5L5]

I have an IRA with fidelity. I only joined them because I have a 401K through work with them.

Not sure you can really "fire and forget" with any retirement vehicle. I tend to manage my own funds. Anyway I'm pretty satisfied with Fidelity


PS: The "I" in IRA stands for individual

 

[84Ttop]

I have accounts with both Prudential and Voya. While I've been happy with my Prudential account, Voya's website proves to be much more complete and easier to use. For what it's worth my Prudential account is setup based on a retirement goal and is more or less set it and forget it. They manage the investments and adjust them based on maintaining a certain amount of "risk" in my portfolio. I've been more hands on with my Voya account and have done equally as well with that if not better from time to time. Depending on how much money you are able to put away will determine my recommendation on seeking financial counsel. If you are able to save more than the 18,500$ (federal individual annual limit) you can look towards a defined benefits plan to maximize your savings but know that you need to make consistent contributions to do so.

 

[Bullitt347]

I have a Roth IRA through Edward Jones, so far so good.....going on 6 years now.

 

[Jinx]

I can put a few hundred into the account every month. If I find one I really like, i may do more.

 

[Bullitt347]

I max mine out at $550 per month.

 

[84Ttop]

I max mine out at $550 per month.

Just out of curiosity, have you considered a 401k vs the IRA? I am able to put 18,000$ away in a 401k without penalty as opposed to the lesser limit of an IRA.

 

[Bullitt347]

Just out of curiosity, have you considered a 401k vs the IRA? I am able to put 18,000$ away in a 401k without penalty as opposed to the lesser limit of an IRA.

I contribute 7% of my paycheck to the company 401K and get their 4% matching and then contribute $550 to the Roth. I think I am tapped out at this point. My racecar is pissed because it says it needs the money more than my retirement does. Lol.

 

[84Ttop]

I contribute 7% of my paycheck to the company 401K and get their 4% matching and then contribute $550 to the Roth. I think I am tapped out at this point. My racecar is ****ed because it says it needs the money more than my retirement does. Lol.

That's a solid double dip move, I like it!
Racecars are only happy when you have no more money

 

[Mustang5L5]

I contribute 7% of my paycheck to the company 401K and get their 4% matching and then contribute $550 to the Roth.

That's how I do it too. Contribute to 401k just to get match, then max out IRA. I usually up my 401k as financials allow. Not quite able to max out both yet.