How do I set up an IRA online?

[Daylily]

I have just lost my job and I have a 401k and a cash balance pension that will be coming my way. Obviously I’m not going to be taking the disbursement but will roll them into an IRA. The problem is that I don’t want to have to go through an advisor and pay extra fees to him/her. I want to just open my own account and handle it myself. Is this possible? Any advice or pitfalls to avoid?

[sweeps]

Yes, go to www.vanguard.com or www.fidelity.com. Pretty painless.

[disneysteve]

I agree 100% with Sweeps. Either of those companies is a great choice. I know from experience that the process with Vanguard couldn't be easier. I assume Fidelity is equally simple.

[fairy74]

Yes, fidelity is very simple as well

[kv968]

Or give www.troweprice.com a try. They have great IRA options there too. Man, you'd think that I worked for the company (although I don't)

[mbhunter]

Daylily I agree with Sweepsplayer ... those are the two places I have my IRAs. Vanguard is known for low fees so that might be a better choice for some funds.

[poundwise]

I don't disagree but would add Janus to the discussion.

This link shows a page on their site, which contains details on opening a Direct Rollover IRA. If nothing else, it can serve as a good source of basic information regardless of where you decide to open an account.

This link connects to a similar page of information from Fidelity.

[poundwise]

I don't disagree but would add Janus to the discussion.

This link shows a page on their site, which contains details on opening a Direct Rollover IRA. If nothing else, it can serve as a good source of basic information regardless of where you decide to open an account.

This link connects to a similar page of information from Fidelity.

[RJB1180]

Try Scottrade as they have a rollover IRA with no fees, www.scottrade.com

This would be an option if you want a discount broker and are willing to do your own reseach