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Still hunting for the right Roth
I must open a Roth IRA. Only 12 days remain until my self-imposed deadline comes due. Worse still, I’ve spent this past week fighting off a rather nasty inner-ear infection. However, pain or no pain, the clock is ticking.
Just about any bank will help you setup your Roth IRA. You can also do it online with any of these companies:
This is by no means a complete list, but it goes to show the incredible flexibility offered to us.
For example, I could open a Roth at E*TRADE, and actively trade online. I could open with Vanguard, buy index funds, and let them worry about the details. I can open with ING and then buy into a fund managed by T. Rowe Price. Simply stated, once the money is designated as Roth IRA money, I can allocate it however I wish, even into funds managed by other companies (and usually without significant fees**).
For now, I intend to buy a few boring Index funds. Just the same, I like knowing that I am free to change course later without penalty. Which funds will I buy? I am still researching the matter; I haven’t decided yet. Simply stated: I am eager to put some chips on the table, but I am not going to rush myself through this process.
**If my experience has taught me anything, it is this: never trust the bank. Banks love to charge mysterious fees. Banks love to demand minimum balances. Banks love to make mistakes and then blame vague computer errors.
True, not all of these companies qualify as “banks”, but I can easily expand my distrust of banks to include other financial institutions too. This week I will make a point to call a few of these financial guys every day, and by the end of the week I hope to have compiled a complete list, including all fees and minimum balances.
Yes, I have found a few of these online already. Yes, I intend to do it again myself anyway. Yes, I am that paranoid when it comes to banks.
And yes, I think its time for some more pain killers.
Hungry for more?
