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Which is best for a Roth IRA: Fidelity, TD Ameritrade, or Vanguard? |
I am 18 years old and looking to start a Roth IRA. As I don't have a ton of extra income I'd like to keep fees as low as possible. After some initial research, I've narrowed it down to these three companies. I am interested in investing in mutual funds and stocks. Which of these would be the best to start the IRA with? Edit: I understand that I am able to withdraw contributions at any time (though its not a great idea... but in the case of emergency it's alright), so I am not entirely concerned about liquidity/emergency fund. I feel safer with these more established brokerages rather than a ten year old one thousands of miles away - it's just a matter of which one to use. If your current/future employer offers an employee 401k plan. Invest up to the matching % of your employers contribution. That matching % is free money and equals a great rate of return for your money. If plan offers an election to invest in a money market fund you may want to invest in it until you learn more. Of course your dollar cost avg over the years should be on your side since your 18 and have many years of investing ahead. Next invest in a Roth IRA up to the max allowed(yearly). If you then have more money to invest, go back to your 401k plan and invest the max allowed(yearly). So after you do all the above and want to invest more you should be able to decide how. Only invest money that you can afford to lose. Making some quick money is nice but if you lose it, it gets right ugly. You want to get an IRA that is non taxable ..look into it better yet find an agent or if you don't want to pay go to your nearest H&R block they can give you more info. Stocks right now hold off . Hopefully soon you can start buying its shaky. You would be better off not to use a Roth IRA to lock yourself in as if you ever need those funds for an emergency the tax rate for early withdrawal would make you cry. Better to open an offshore account with www.thalessecurities.com in Panama and be tax free as foreigners are allowed to do in the U.S. Totally secret account! A Roth IRA is exactly what you need. If you start one at the age of 18, you will have well over a million dollars at the time of withdrawing your money. If you intend to directly invest in stocks within the IRA, you'll need a brokerage account. For mutual funds, go with Vanguard for low fees. The decision is not irreversible as IRA accounts can later be transferred from one custodian to another. |
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