SRL Archive - NOTA

Hey guys, I recently got an IRA. To be exact, a Roth IRA.

I opened up the IRA over at Fidelity but am planning to switch to Vanguard VERY soon because they have a lower expense ratio for there stock bundles.


Just wanted to see how many other people know and think about IRA's(traditional or Roth, although at a young age you basically want Roth, IMO)

If you don't know what an IRA is or don't care then you should look into it now!

I read IRA and thought you were talking about this…
http://www.irasprints.com/

but no. :(

wat is an iar

It's important to open up a retirement account early, you don't want to have to rely on social security when your 70 (if it's even around), also my whole family uses vanguard.


I would look into a financial advisor though lol

I got a Roth IRA when I was 16. On the one hand, the loss of money is sad at the end of each year… On the other hand, having spent ~30 thousand to now have ~65 thousand, which is only going to increase exponentially is good recompense :)

(I use ScottTrade, it's cheap enough for my purposes)

Personally I haven't looked into retirement planning because I have always felt graduating college with no debt was more important in the long term than planning for retirement a few years earlier.

I don't plan on starting to invest until after I leave college and start graduate school of some sort. I have spoken with my parents and know that the only IRA available locally for me is through Wells Fargo and then the next closest one is through Fidelity. My parents have been extremely happy with theirs at Wells fargo but are now branching out to a second company just because they fear having all of their money in one place, which I don't blame them (there are too many Bernie Madoffs around).

From: Kevin
I got a Roth IRA when I was 16. On the one hand, the loss of money is sad at the end of each year… On the other hand, having spent ~30 thousand to now have ~65 thousand, which is only going to increase exponentially is good recompense :)

(I use ScottTrade, it's cheap enough for my purposes)

That is great! If you contribute the maximum (5,500 a year here i believe) you'll be a multimillionaire at 55, let alone 70!

From: Hazzah
Personally I haven't looked into retirement planning because I have always felt graduating college with no debt was more important in the long term than planning for retirement a few years earlier.

I don't plan on starting to invest until after I leave college and start graduate school of some sort. I have spoken with my parents and know that the only IRA available locally for me is through Wells Fargo and then the next closest one is through Fidelity. My parents have been extremely happy with theirs at Wells fargo but are now branching out to a second company just because they fear having all of their money in one place, which I don't blame them (there are too many Bernie Madoffs around).

I would do a lot of research before choosing where you put your money. If you plan on buying stock or packages you need to look into cost of trading and expense ratios. Vanguards expense ratio is about 1/5 that of fidelity's, just saying.

From: Hazzah
Personally I haven't looked into retirement planning because I have always felt graduating college with no debt was more important in the long term than planning for retirement a few years earlier.

Depends on how much you'll earn post graduation… If you'll earn enough to pay it all off within a year or two, then it's worth having some loans and starting the retirement early… That exponential curve adds up a lot.

I have spoken with my parents and know that the only IRA available locally for me is through Wells Fargo and then the next closest one is through Fidelity.

I'm not aware of where you live… But Roth IRAs are available to all Americans at least with a 0% tax rate on all earnings, so long as you don't withdraw until retirement age (or for a house), and by no means is it limited to with whom you can have it through.

From: footballjds
That is great! If you contribute the maximum (5,500 a year here i believe) you'll be a multimillionaire at 55, let alone 70!

It is $5,500 a year here, until I earn over $110k/year, and then I'm no longer eligible to continue contributing to my Roth IRA :(

From: Kevin

It is $5,500 a year here, until I earn over $110k/year, and then I'm no longer eligible to continue contributing to my Roth IRA :(

unless you're married and your wife isn't making much ;)

From: footballjds
Hey guys, I recently got an IRA. To be exact, a Roth IRA.

I opened up the IRA over at Fidelity but am planning to switch to Vanguard VERY soon because they have a lower expense ratio for there stock bundles.


Just wanted to see how many other people know and think about IRA's(traditional or Roth, although at a young age you basically want Roth, IMO)

If you don't know what an IRA is or don't care then you should look into it now!

I'm 18 right now, if I got one of these IRA's, would it still make me a lot of money when I'm 55

From: Wu-Tang Clan
I'm 18 right now, if I got one of these IRA's, would it still make me a lot of money when I'm 55

yes! you will be a multi millionaire if you contributed the maximum(5,500 per year) You wouldn't be a millionaire off of contribution but off of earnings.

Say you invest in the S&P 500 which is averaging what, 11%/year yield. your earnings from compounding interest will make you very rich.