Roth IRA

[grumpy88]

I want to setup a Roth IRA for my wife and I have no idea where to start . Any recommendations ?

 

[Riverbottom]

We have ours with Edward Jones. They have done a good job for us.

 

[Activated]

Vanguard Index funds.

 

[Shlbyntro]

I want to setup a Roth IRA for my wife and I have no idea where to start . Any recommendations ?

I set up my SEP IRA at my credit union, Navy Federal. I'm fairly certain they are capable of doing both as well as other credit unions and banks too im sure. though my experience suggests that they don't know too much about them so you better go in knowing exactly what you want and help them connect the dots throughout the setup process.

Aside from that, just about any CPA can take care of you with relative ease as they do them pretty often. I'm sure we have a few of those here on RDP?

 

[Carrera205]

TD Ameritrade is who I use. And as pointed out above Vanguard index fund is a solid index.

 

[DLow]

I don’t care about reading the rest of the posts, but you should go ask your local firemen. I’m pretty sure they have tons of advice on where to put extra money.

 

[EmpirE231]

Betterment.com

Probably the lowest fees out there, very easy to set up and manage.

 

[Shlbyntro]

Through my credit union is free.

I have it set up to mature every 3 mo and automatically renew. Haven't had to do anything as far as managing it since i set it up.

 

[MillerTime]

If you go to chrishogan360.com you can look for a recommended "smart vestor pro" on your area. He's a member of the Ramsey team and is an expert on retirement. And he is coming out with a new book here soon that is studying millionaires.
His website also has a retirement calculator feature that shows what you need to save and or how much you will have.
I used one of their guys and set up my Roth the way they recommend and i have been seeing a 11-12% return over all. Of course last year was really good at like 21%, but we're all looking for long term here.
Make sure your person explains it all really well and has the heart of a teacher. You should NEVER put your money in something you dont understand!! If they try to talk down to you or over complicate stuff, walk away! .

 

[grumpy88]

I don’t care about reading the rest of the posts, but you should go ask your local firemen. I’m pretty sure they have tons of advice on where to put extra money.

Probably in a boot on the side of the road ! Or in a gas tax !

 

[grumpy88]

If you go to chrishogan360.com you can look for a recommended "smart vestor pro" on your area. He's a member of the Ramsey team and is an expert on retirement. And he is coming out with a new book here soon that is studying millionaires.
His website also has a retirement calculator feature that shows what you need to save and or how much you will have.
I used one of their guys and set up my Roth the way they recommend and i have been seeing a 11-12% return over all. Of course last year was really good at like 21%, but we're all looking for long term here. View attachment 695801

I love Dave Ramsey and I reached out to the local rep a year or 2 ago but I don't exactly fit the bill . I beleave in a lot of there premiss but I don't want to drive a 10k dollar car . Or never own a boat because I'm not financially worthy .

 

[Deja_Vu]

I'm a big fan of Vanguard and Fidelity.

 

[scottchbrite]

I don’t care about reading the rest of the posts, but you should go ask your local firemen. I’m pretty sure they have tons of advice on where to put extra money.

I love Dave Ramsey and I reached out to the local rep a year or 2 ago but I don't exactly fit the bill . I beleave in a lot of there premiss but I don't want to drive a 10k dollar car . Or never own a boat because I'm not financially worthy .

Actually........my little brother, who is one of these “extremely over paid fire captains”, is who I chat with for some of my financial advice. He just happens to have his own business/ licenses and handles some pretty large accounts. Hence, he really doesn’t need much OT.
And my brother in law is a big wig at Ramsey Solutions. He works directly with Dave’s son. He’s my other go to. Often, they have different approaches.
Im just a dumb, overpaid, County worker that drives a fire engine. I just build stuff for fun though- no side job, when I’m not getting force hired (kidnapped) to work extra.

 

[sintax]

I've had my Roth IRA with fidelity for a couple of years, they have decent options and my works 401k is also there so it makes it easy from a management perspective.

 

[DLow]

Actually........my little brother, who is one of these “extremely over paid fire captains”, is who I chat with for some of my financial advice. He just happens to have his own business/ licenses and handles some pretty large accounts. Hence, he really doesn’t need much OT.
And my brother in law is a big wig at Ramsey Solutions. He works directly with Dave’s son. He’s my other go to. Often, they have different approaches.
Im just a dumb, overpaid, County worker that drives a fire engine. I just build stuff for fun though- no side job, when I’m not getting force hired (kidnapped) to work extra.

Yeah. I also get paid to sleep every third night. “GED” minimum equivalent city employee here.

 

[HB2Havasu]

I have a Roth IRA and my wife has a SEP IRA both thru Schools First Credit Union. Really easy to setup, and the money gets deposited directly from our checking. We’ve socked away quite a bit in those accounts over the last few years and don’t really even notice it coming out of our account anymore.

Everyone should be maxing out their Roth IRA every year. It’s one source of income that during retirement is non-taxable! And that is Uuuuugggggeeee!

 

[MillerTime]

I love Dave Ramsey and I reached out to the local rep a year or 2 ago but I don't exactly fit the bill . I beleave in a lot of there premiss but I don't want to drive a 10k dollar car . Or never own a boat because I'm not financially worthy .

I understand. Everything we own is payed for except a little bit on the boat and the house. I was planning on paying the boat off already, but im hoarding cash right now because we are purchasing a commercial property and another business (with debt). I could never get on board with only having $1,000 for an emergency fund. Heck, id freak out if i only had $10k liquid.
I understand everything Dave Ramsey is getting at, but im gonna be a multi millionaire regardless of me owing $20k on my boat. But the simplistic / non-frivalous spending and watching every penny is something everyone needs to do and work on!

 

[grumpy88]

I have a Roth IRA and my wife has a SEP IRA both thru Schools First Credit Union. Really easy to setup, and the money gets deposited directly from our checking. We’ve socked away quite a bit in those accounts over the last few years and don’t really even notice it coming out of our account anymore.

Everyone should be maxing out their Roth IRA every year. It’s one source of income that during retirement is non-taxable! And that is Uuuuugggggeeee!

I just hope it stays non taxed . I imagine a time in the near future when all the firemen !!! " Lol! " start retiring the govt is going to need another untapped revenue source !

 

[grumpy88]

Thanks for all the recommendations I am going to check into a few of the suggestions.

 

[Dalton]

in a roth IRA, what is it generally invested in?

 

[HBCraig]

I'm a big fan of Vanguard and Fidelity.

also Fidelity

 

[Xtrmwakeboarder]

How in the world do you guys have Roth IRAs? I’ve seen some of your boats and I’d think you’d be way over the income limit...

 

[HB2Havasu]

How in the world do you guys have Roth IRAs? I’ve seen some of your boats and I’d think you’d be way over the income limit...

You obviously haven’t seen my boat, lol. I think it’s safe to say that the vast majority of people on this site aren’t rocking $400K DCB’s The ones who are probably aren’t worried about dropping 5K per year in a Roth!

 

[bowtiejunkie]

in a roth IRA, what is it generally invested in?

For example:

A Roth IRA with TDAmeritrade or Fidelity (and others), a Roth IRA can include multiple investments, such as individual stocks, mutual funds, EFT's, etc. You pay a transaction fee to buy/sell. Any gains or dividends are not taxable.

You can also setup a Roth IRA with say Vanguard, Dodge & Cox, T-Rowe Price, etc. where you pick just one fund. I believe Vanguard Roth IRA can be setup like above too.

I have a Roth IRA with Dodge & Cox (single mutual fund), and TDAmeritrade (multiple investments).

 

[ekbearly]

Backdoor Roths solve the income limit issue.