Looking to open a Roth IRA soon. Was wondering if there really are any differences to opening it with say a CU such as Penfed or go the route of Fidelity or Vanguard?? This would just be a simple straightforward Roth IRA so I'm guessing each one is different in regards to fees but anything else?
I want to hold off getting my accounts with Penfed because I'm not in the market for a used car loan just yet. I was going to use that HP with them to open a few things checking, CC and a used car loan so I'm assuming I should just wait to do the Roth then as well. Is that what you guys would do just do it all at once?
The timing isn't really that big of a deal right now but I'd like to get all those done within the 90 days the HP is good for that's why I was asking about the Roth IRA with a CU vs someone like Fidelity.
If you need any additional information just lmk.
I think it would matter on what you plan on investing in your IRA. If you are going mutual funds and etfs then vanguard/fidelity is better choice. If you are planning on something like combo of CD and savings then an cu/online bank would be better option for your IRA
I think it would matter on what you plan on investing in your IRA. If you are going mutual funds and etfs then vanguard/fidelity is better choice. If you are planning on something like combo of CD and savings then an cu/online bank would be better option for your IRA
I'm 46. Federal Empl so I have a TSP and will have a pension. I'm behind a bit because of some past loan against TSP, paying back. Anyway I am estimating a retirement age of 62 so I still have time to catch up but the Roth would be a supplemental account as well as something to help with the tax burden of the TSP as well as a possible rollover. I am not really savvy when it comes to stock market so a basic Roth that I can just deposit into every month. I'd probably max out every year. I currently have a savings but it's currently in use to be a fund for a used car and potentially engagement ring in future.
As things stand now I'm taking out roughly 28% of my pay and putting into the TSP and my savings account. I'd like to continue this but would more than likely dip into the savings to put in an initial deposit for the Roth. I'd probably start it out with 1-2k if I can swing it and then just do auto deposits into the Roth every pay more than likely reducing the overall amount going into my savings but keeping the estimated 28% coming out of my paycheck each time.
If I can bump that up to 30-35% over the next couple years that would be great. I'm pretty sure I could still get by with what's left out of my pay even with a potential used car loan. It might be tight but I'll have to make it work.
My goal is to have my pension, TSP, Roth and some savings when I retire. The issue will be will it be enough. That's my problem but at least you guys understand my goal here. I truly don't want to have to worry about a bunch of fees and selecting different funds for the Roth. I'd rather have a set it and forget it account until it's time to retire and the funds are needed.
@Anonymous wrote:Just be aware your agi has to be under 71000, to be able to contribute 5500 into a roth IRA with your tsp account. Also are you contributing to the roth part of your tsp account?
I'm good on agi. I'm not contributing to roth part in my tsp account at the moment.
I still haven't decided what I'm doing yet on roth. I've done a little more reading over the last week and sounds like it would be more beneficial to go with Fidelity, Schwab or Vanguard types instead of just a basic roth at a local bank or cu. But that will mean more work in managing my account. I don't have a clue where to start on types of funds to look into. I guess I'll be doing a lot more research before diving into this. No worries because I am not quite ready yet. Want to save a little more in my basic savings before moving money around.
Thanks