Thursday, May 22, 2008

Starting a Roth IRA

I am 25 years old - heading to 26 on Memorial Day and am just realizing how important retirement is through reading pf blogs. I know, it is pretty pathetic that I currently do not have any money in a Roth IRA. I need to start one, but just feel so ignorant in the area. I know a lot of you pf bloggers have an account with Vanguard or Fidelity. Can someone tell me which company is better to go with? Should I try to manage my Roth IRA by myself through one of those companies or hire a professional?


Forest said...

My Roth is through Fidelity but not for any particular reason. It was mostly a convenience since my old company's stock plan was through them. So I can't provide much advice on that, but I am representing Memorial Day birthdays! (I'll be 27) Hope your birthday is golden!

Sallie's Niece said...

Hi it's not pathetic you haven't started one yet. I started a Roth IRA a year ago and then depleted most of it to pay for Christmas expenses. I'm kicking myself but times were really tough back then and I haven't been able to start contributing again yet. I went with T Rowe Price's targeted retirement funds. They have a pretty cool web site and you can add to different funds if you want. There's lots of research available on their site as well. Good luck!

GG said...

I have a Roth through Scottrade, just because it's easy for me. My best advice is to start one with a well-known company and start plugging away.

It's not too late.. you're young! The majority of people (sadly) don't think about this now.

PiggyBankBlues said...

just found your blog and really enjoy it. regarding your post, i second sallie's niece and vote for t rowe price's retirement funds. well regarded company that avoided sub prime, and you can invest monthly for as little as $50/month in your Roth with no minimum opening investment.

you're doing good, btw, i didn't start saving until i was thirty!