Apr 15

how do i start a roth ira account? what is the minimum investment? or what is another ira that is worthy of investing into, if i do not meet the deposit amount requirement of a roth ira? i would like to start investing in a retirement account, but i don’t where which one is the best one?


4 comments so far...

  • v b Said on April 15th, 2010 at 10:05 pm:

    For small amounts, your local bank would be happy to help you. They let you set up the account, you deposit anywhere from $500 to the maximum you can contribute (subject to having the income) and you start with a CD.

  • efflandt Said on April 15th, 2010 at 10:52 pm:

    It depends where you open your account. A bank Roth IRA CD might be any amount. Scottrade only requires $500 to open an account. Other brokers are typically $2500-3500, but sometimes are lower for IRA’s.

  • Britt Said on April 15th, 2010 at 11:01 pm:

    Here’s an article which explains how to open a Roth IRA:

    http://www.your-roth-ira.com/open-a-roth-ira.html

    And here’s an article comparing a Roth IRA vs. Traditional IRA:

    http://cashmoneylife.com/2008/02/06/traditional-ira-vs-roth-ira/

    If you use a online discount broker, such as TradeKing, Firstrade, or Sharebuilder, to set up your Roth IRA, it shouldn’t cost a lot to trade, you should have zero set-up/maintenance fees, and a very low minimum required balance (if any). So take a look at some of the online brokers and see what they’re offering…

    Good luck!

  • Michelle Said on April 19th, 2010 at 7:53 pm:

    It depends where you open your account. A bank Roth IRA CD might be any amount. Scottrade only requires $500 to open an account. Other brokers are typically $2500-3500, but sometimes are lower for IRA’s.

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