Best place to open up an IRA?

[jinduy]

after searching a bit vanguard seems to be the best bet?

i got a good chunk of money doing nothing in my checking account so i'd like to place it somewhere nice...

 

[Zanix]

How much are we talking?

 

[jinduy]

i thought u can only contribute like 3-4k max per year? but i have around 10k

 

[imported_Mike]

Why would you have that much in your checking account? At least move it to savings until you decide what to do with it. ING offers 2.25%..

 

[Gooberlx2]

you could always look into mutual funds or something as well.

 

[jinduy]

Originally posted by: Gooberlx2
you could always look into mutual funds or something as well.

yeah im thinkin bout that too... would vanguard be a good place to do it at?

 

[Gooberlx2]

Originally posted by: jinduy

Originally posted by: Gooberlx2
you could always look into mutual funds or something as well.

yeah im thinkin bout that too... would vanguard be a good place to do it at?

I have no idea. I'll probably start taking some investment classes in the semi-near future, it would be good for me to know more about all this.

 

[Orsorum]

USAA. 🙂

 

[DaveSimmons]

Roth IRA for $3K at Vanguard and their VFINX S&P 500 stock index mutual fund is a good retirement investment.

You don't get a tax deduction with a Roth IRA, but all growth in value is tax-free. You can set up a Roth IRA as long as you have earned income above the amount you're putting in, and you can do it even if you have a 401k plan at work.

www.fool.com has good articles on investing, and an Advanced Search of archived threads ("invest", "broker") will turn up some good threads on investing.