dani Posted July 23, 2004 Report Share Posted July 23, 2004 Hello!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,Dani Link to comment Share on other sites More sharing options...
DHK Posted July 24, 2004 Report Share Posted July 24, 2004 Welcome to the forum! 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 accountIn 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! ). Link to comment Share on other sites More sharing options...
dani Posted July 27, 2004 Author Report Share Posted July 27, 2004 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. Link to comment Share on other sites More sharing options...
Ravenous Wolf Posted September 22, 2004 Report Share Posted September 22, 2004 I have read quite a bit of literature for both of them but what which one is better...Roth IRAor 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... Link to comment Share on other sites More sharing options...
DHK Posted September 22, 2004 Report Share Posted September 22, 2004 Roth is NOT tax-deductible; distributions are not taxed;Traditional: IS tax-deductible; distributions ARE taxed.That's about all I know (and can remember this late). Link to comment Share on other sites More sharing options...
Recovering Attorney Posted September 22, 2004 Report Share Posted September 22, 2004 TIAACREF.com allows you to open an account with just $50, if you choose the automatic investment option. They provide solid mutual find and annuity investing. www.foliofn.com allows you to be your own mutual fund guru.Check out www.schwab.com and www.vanguard.com. Low expenses and lots of choice. Link to comment Share on other sites More sharing options...
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