Retirement accounts, who do you use? How has it worked out for you?

[jcooper]

Yes, I need to set up/start an actual retirement account(not just a bank account I say is for retirement. Roth IRA or something like that. Maybe something I can do a few trades a year in.

Generally, most of you who invest(retirement) are you generally just using a trading account(which ones?) or an actual IRA(which ones?).

Maybe some type of account that auto takes money every month, then I can use(trade/buy funds) at a later time or do you put money in and have buy whatever funds/stocks at that time?

Any advice? How do you have this set up?

Thanksssssss!

 

[Desk Jockey]

Talk to your accountant and he can set you up a Simplified Employee Pension (SEP) plan.
It can be done with automatic withdraw too.

 

[mirf]

I would also talk to someone in wealth management. Many ways to save and plan for the future go with an expert.

 

[smithbrothers]

I disagree with talking to a wealth manager. They just skim money off you without any real benefit. My suggestion is a well balanced and diversified no load fund with low fees. I use Vanguard Group. Very well respected. Low fees. No load. They have IRA's etc. Check them out.

Matt
Smith Brothers Carpet Cleaning
www.smithbrotherscarpetcleaning.com

 

[mirf]

I Would could consider The Vanguard Group wealth managers.

 

[Desk Jockey]

Fidelity investments is who we are setup with.

You pick your risk, from minimum to maximum, its up to your level of pain (desire for quick gains).

 

[mirf]

Level of risk is important. I have meet some good one and bad. I am my own worst manager to hard to step back and see a big picture.
I blame that darn book that said sales cures all evils.

 

[Desk Jockey]

It does. It cured "theirs".

 

[mirf]

And I am still waiting

 

[Shane Deubell]

I would talk to a certified financial planner, you can google ones for your area. You can just pay a fee for each consult, first one is usually free.

The options are endless, its better to let a professional break it down for you. Agree with richard that fidelity is so large and offers endless options.
The key is to look out for costs and ask about what are the different costs to different funds. May not sound like a lot but 1% a year for 30 years adds up to serious money.

Definitely a monthly plan and then if you have some extra profits at the end of the year you dont want the goberment to get you can add that too.
Might be wrong but think the SEP richard mentioned means you can put a lot more in BUT talk to a pro.

 

[SamIam]

I just setup a simple IRA for my company. My wife and I have been putting max amount in IRAS FOR 10 years, the simple allows my wife like 5500 a year or 6 k in hers, the simple through my corporation allows me like 12.5 k a year which at 51 I really need to slam as much as I can.

 

[Becker]

Started one when I was 20.
Transferred it to Edwards jones when my brother went to work there, now he and my account are with d a Davison.

Get yourself a IRA and max it out every year.

Stay away from insurance programs that act as retirement.


....

 

[Shane Deubell]

Have to agree with becker about the life insurance schemes that act like an investment. Often they are loaded with fees and penalties, plus optimistic assumptions.

The trickiest part is running down the fine print, FEES. Not of the adviser that is usually simple but of the fund itself.
Most are a % of total invested and can vary from .2 % up to 1.5% and every hyper-technical detail you can imagine.

You can thank the financial services lobby ....