Hi Everyone, here's the situation:
1. earlier this year my wife and I each put $5500 into a Roth IRA, the first time we've ever done this. We went through a brokerage firm that I believe is overcharging me....I want to do it myself.
2. Last night I called Vanguard, here's what they said:
Step 1: go online and create an account with vanguard.
Step 2: use their website to have our funds transferred over to vanguard
step 3: pick the funds we want them to be in
step 4: around tax time, Vanguard will send us documents for when we do our taxes.
QUESTION #1: IS IT REALLY THAT EASY
Now, onto costs. They said there are absolutely no costs other than the fund cost. So, for example, VTSAX is 0.05% and I can buy it if I combine last years contributions with a match for this year, pushing us over the $10,000 threshold for admiral shares.
QUESTION #2: IS THAT TRUE THAT THERE LITERALLY ARE NO ADDITIONAL COSTS OTHER THAN THAT 0.05%? THAT SEEMS UNBELIEVABLE.
QUESTION #3: WHAT KIND OF THINGS TO I HAVE TO BE CAREFUL OF TO IF I AM GOING TO DO THIS ON MY OWN? I WANT TO MAKE SURE THAT IT'S SET UP AS A ROTH IRA AND THAT I'M COMPLYING WITH THE IRS SO I DON'T HAVE ISSUES YEARS DOWN THE ROAD!!! SO BASICALLY, WHAT QUESTIONS SHOULD I BE ASKING THAT I'M NOT, DUE TO MY OWN IGNORANCE?
Thanks so much!