Opening A Roth IRA
REM #F718
By Ilyce R. Glink
Summary: Ilyce explains how to decide where to open a Roth IRA. She suggests setting up the IRA to invest in mutual or index funds.
Q: My daughter who is in her early 30's would like to open a Roth IRA. What
kind should she open and where?
A: She should open up a Roth IRA at any financial company. But I'd suggest
she open it at Fidelity, Charles Schwab, or Vanguard because of the incredible
number of mutual funds and other investing opportunities. Fidelity Investments
and Vanguard have a load of index funds, at the cheapest prices.
There is only one kind of Roth IRA. But your daughter has to remember that opening
up a Roth IRA is kind of like buying a fish bowl. If you don't buy any investments,
the cash just sits there, earning 1 percent.
She'll need to investigate her options and actively put her cash into a mutual
fund or index fund in order to get higher returns.
NOTE: This column is distributed by Real Estate Matters Syndicate, PO Box 366, Glencoe, Illinois, 60022. This column may not be resold, reprinted, resyndicated or redistributed without written permission from the publisher.
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