Where's your IRA?

[ender513]

I would like to start an IRA, but am a bit overwhelmed by all the various companies. I have $1000 to start and don't want to open an account that requires contributions monthly. The reason I'm starting an IRA now is to take advantage of the saver's credit, which I probably won't qualify for next year. I had planned on opening an IRA next year (or 2007). So, where is everyone's IRA (if you have one)? Do you like the company you're with? What are the fees/minimums like?

Right now I'm looking at Fidelity or T Rowe price (and possibly sharebuilder and a couple others). I just wanted to get some feedback on experiences with companies. I don't have any personal experience with investing aside from my 401k.

[Mixelflick]

Re: Where's your IRA?

I'm at Trowe. Like it so far. They took the time to educate me as a new investor. Pretty easy setup too...

[PRICEPLUS]

Re: Where's your IRA?

My ROTH IRA is at T. Rowe Price and has been since the beginning. I have used their asset builder and I have done fairly well!

[Ima saver]

Re: Where's your IRA?

My IRA is in Vanguard Index 500. It is no load, low fees, but with a $3000 minimum. Fidelity charges a 3% load, so your $1000 becomes $970.

[Fern]

Re: Where's your IRA?

I've invested with TRP for 20 years. A good, solid company with experienced portfolio managers. Low annual expenses and no load funds.

My IRAs are with them in diversified funds.

[Ima saver]

Re: Where's your IRA?

What is the minimum at TRP?

[Fern]

Re: Where's your IRA?

i'm not sure, but they have an excellent web site:
www. trowprice.com

[enabler]

Re: Where's your IRA?

T. Rowe Price minimum for IRAs is $1,000 when not signing up for automatic monthly contributions. Annual fee is $10 per year (very low) for accounts under $5,000. No annual fee for accounts above $5,000.

[ender513]

Re: Where's your IRA?

Fidelity charges a 3% load, so your $1000 becomes $970.

From reading Fidelity's website, it seems that some of the funds available are no load funds. Perhaps it varies by what you invest your IRA in. I guess I'll have to do more research before choosing, but T Rowe Price seems to be in the lead. However, Fidelity doesn't have a yearly fee for an IRA, so that may offset some of the 3% load. hmm....

[Ima saver]

Re: Where's your IRA?

Ender, I read an article today in money magazine, that lists 65, low cost, well managed funds. Fam value may be a good one for you. It is no load and has a minimum of $500. T. Rowe Price has a minimum of $2500.
I was lucky, I started with american century and they had no minimums.

[fiffer010]

Re: Where's your IRA?

Vangaurd- 3000 minimum isn't very fun the first year.

[Ima saver]

Re: Where's your IRA?

Iknow, that is where I have mine, but I started in mutual funds with only $50 and I built up. Eventually, you will save up $3000. That is why I suggest the Fam value fund with the minimum of $500. Once your IRA reaches $3000, you can always transfer it over to Vanguard. They will even do it for you with the right paperwork.

[TBH]

Re: Where's your IRA?

I moved my Roth from Wachovia (which used to be Prudential) to Fidelity last year. Love it so far. They do have a 2500 minimum to invest in a mutual fund, so altho you can open an IRA with less you can't put it anywhere interesting.

Never heard of that crazy load. Maybe I missed something.

[stutotherescue]

Re: Where's your IRA?

I have my IRA with Fidelity as well and have been very happy with them. I even invested in a Mutual Fund with Fidelity and again have been very happy with it.

[Ima saver]

Re: Where's your IRA?

I have not been watching mutual funds that closely any more. Has Fideltity done away with their 3% load?