Author Topic: New IRA  (Read 1622 times)

alexabreana

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New IRA
« on: January 21, 2014, 10:33:01 PM »
Can someone share a good place to open an IRA? I wanted to open one at vanguard but you need 3k to start,  which I don't have. I can start with $500. I am looking for an IRA that offers lots of different investment options. Your help is very much appreciated!

Alexa

iamlindoro

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Re: New IRA
« Reply #1 on: January 21, 2014, 10:40:19 PM »
Most of the worthwhile places to have an IRA are going to require at least $1000.

Vanguard IRA's can be opened with $1K.  You may be thinking of the minimum investment to get into some of the funds?  I am a huge Vanguard fan and would advise making a project of hitting that $1K (then $3K) mark to do your business there.  The expense ratios simply can't be beat.

https://investor.vanguard.com/what-we-offer/iras/steps-to-open-an-ira

alexabreana

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Re: New IRA
« Reply #2 on: January 21, 2014, 10:49:00 PM »
Thank you for the Vanguard link, I can do 1k. Glad I posted my question, glad you took the time to answer :-)

Alexa

iamlindoro

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Re: New IRA
« Reply #3 on: January 21, 2014, 11:06:40 PM »
No problem!  To get in with $1K, I would consider a target retirement fund-- if you are young and in the accumulation stage, I'd look at something like the 2050 or 2060 fund, which will be weighted towards stocks... it'll fluctuate more, but grow faster.  You can see the $1K minimum funds here:

https://investor.vanguard.com/mutual-funds/all-vanguard-funds

Simply uncheck all the minimums except $1K.

wtjbatman

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Re: New IRA
« Reply #4 on: January 22, 2014, 12:24:48 PM »
Technically you can open an IRA with no minimum at plenty of places. TD Ameritrade and Sharebuilder are two that I know for sure.