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IRA's, where to start?


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I am new to this board. I really like the different forum options available and am looking forward to spending time here. I ordered the ebook (poor mans guide) on this site a few months ago and it was very helpful.

My husband and I are just coming out of a Chapter 13 bankruptcy after 60 months. We are refinancing our home, but we only qualified for a sub-prime rate at this time.

One of our risk factors for not getting a prime mortgage was we do not have any reserves. We would like to set up some kind of IRA's for the both of us, but I am unsure of where to start. I requested some information from USAA, but have not received it yet. What is typically the minimum deposit required to open one up? Does it yield a higher interest rate opposed to a plain savings account?

Thank you for your time,


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Welcome to the forum! :p:D:p:D:p

Different banks may offer different options, so I'll share what Wells Fargo has offered (I no longer work there).

Wells Fargo offered an FDIC-insured IRA account with 2 options:

- It could be a CD (and yield a higher interest rate)

- It could be a money market account

In order to avoid any account service charges, you had to have $2k by the end of the year.

There are also brokerage IRA's and IRA's in annuities. Both of which I don't know much about at this time. (I will once AMEX trains me in these areas!)

Typically, IRA's are a great place to start AFTER you've begun contributing to a 401k plan.

Currently, the max contribution is $3k per year per individual, but that will change back to $2k per year after a few years (Thanks Bush! :D ).

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Thank so much for the information, DHK!

We do not have any options for 401K. I am an at-home mom and my husband works for a small company. (Only 2 employees) I had a PERS at one time, but cashed it in to help finance one of our adoptions. (not smart at the time, but I am sure glad I did it now)

I am thinking a plain jane CD might be the way to go. We are planning to put 2-3K to get something started for our retirement. We are not getting any younger. :wink:

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  • 1 month later...

I have read quite a bit of literature for both of them but what which one is better...

Roth IRA

or a regular IRA...

I am assuming the Roth is better because you get the taxes taken out of the way and whatever nestegg you build is completely yours...

However, I am still not sure how to crunch the numbers to see which is better...

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