Join Early Retirement Today
Reply
 
Thread Tools Display Modes
IRA - I'm New to this forum
Old 11-05-2007, 03:28 AM   #1
Confused about dryer sheets
 
Join Date: Nov 2007
Location: Metro Detroit
Posts: 3
IRA - I'm New to this forum

Hi,

I am a 47 year old male who is trying to find out which investment company offers the BEST roll-over and Roth IRA. This may be a "too general" type of question, but I don't know were to start. I already have both, a traditional IRA from a previous job and a Roth IRA, both established with a local bank (Comerica). My question is, would I get better returns with a company like Fedelity or some other Large inverstmant company instead of my local bank?

Any ideas?

Thanks,
Tom
kestrel0222 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 11-05-2007, 05:33 AM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Dawg52's Avatar
 
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 9,067
I would recommend Fidelity or Vanguard. Both are good. As far as best returns, depends on what you have your money in. Both will be able to give you some advice. Also do some reading before you talk to them. You need to have some idea what your allocation should be. Take a look at this website.

BTW, welcome to the forum.

The Coffeehouse Investor
__________________
Retired 3/31/2007@52
Investing style: Full time wuss.
Dawg52 is offline   Reply With Quote
Old 11-05-2007, 07:08 AM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 14,328
Welcome Kestrel. You have come to the right place. As you learn more here, you will come to understand more about basic retirement investing. And the good news is that it is not complicated and many here will help you.
travelover is offline   Reply With Quote
Old 11-05-2007, 07:23 AM   #4
Full time employment: Posting here.
tightasadrum's Avatar
 
Join Date: Aug 2006
Location: athens
Posts: 802
Welcome Kestrel,

First thing I'd check would be whether your bank might be paying itself a little bit of your money for your business. I wouldn't be surprised.

They're not a bank, but my DW & DD have had a small joint account with H&R Block for several years. I have been pleading with them to close it out and move it to Fidelity. H&RB takes all their dividend earnings from a stock in the account and holds it in some kind of savings account that pays next to nothing. On top of that there's a "fee" for the priviledge of being robbed. Go figure.

I finally got them to fill in the forms to start the process of getting out, which I had to fax in. Now they're receiving mail from the corporate office suggesting that DW & DD perhaps may not be happy with the local branch so please call the corporate office and enjoy much better service and help. It makes me want to puke on their corporate shoes.

Fidelity and Vanguard make lots of money because they are so large. Think economy of scale. Banks tend to find clever ways to get your money, i.e. fees, loads, and poor returns.

Again, welcome.
__________________
Can't you see yourself in the nursing home saying, " Darn! Wish I'd spent more time at the office instead of wasting time with family and friends."
tightasadrum is offline   Reply With Quote
Old 11-05-2007, 07:50 AM   #5
Thinks s/he gets paid by the post
jIMOh's Avatar
 
Join Date: Apr 2007
Location: west bloomfield MI
Posts: 2,223
You need to take a step back and learn a few things.

There are investments- CDs, Bonds, Money Markets and stocks, for example. This is the portion of the portfolio which makes money.

There are wrappers. 401k, Traditional IRA, Roth IRA, taxable accounts for the investments.

The wrapper may assess fees beyond what the investment assesses (and these fees would decrease the return). In addition the wrapper can be applied by Fidelity, banks or other companies which are allowed to hold the investments.

So it's probably possible to get a similar investment at Fidelity with a higher return because Fidelity's fees are lower than your banks. One exception to this might be that Fidelity does not sell/allow CDs within Fidelity accounts. Money markets might be a close equivalent though.

IMO you need to ask your self what your goal is, and then ask how to achieve that goal, and that might tell you whether your bank is providing you value.
__________________
Light travels faster than sound. That is why some people appear bright until you hear them speak. One person's stupidity is another person's job security.
jIMOh is offline   Reply With Quote
Old 11-05-2007, 10:20 AM   #6
Confused about dryer sheets
 
Join Date: Nov 2007
Location: Metro Detroit
Posts: 3
Thank you all for your information and comments. I went though a divorce almost 5 years ago and my ex-wife managed to get at least half of everything that we had to that date. Although it wasn't all that much, it made a big impact on my furture retirement. Since the divorce, I have been able to put away almost $57000. I could not put anymore then the law will allow me to put into my Roth ($4000 max this year and $5000 next year). The remainder of the $$$ I put into a high yeild (well,,,,, better then the local banks) savings account with INGDirect. Most of that money in a CD (6 month) at 4.9% interest.

Tom
kestrel0222 is offline   Reply With Quote
Reply

Tags
ira


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Can I max out my Roth IRA, Trad. IRA, and SIMPLE IRA? thefed FIRE and Money 9 09-24-2007 04:52 PM
?? for uber-savers, non-deductible IRA to Roth IRA in 2010 LOL! FIRE and Money 8 12-21-2006 12:25 AM
This Forum Is A Living Breathing Growing Life Forum Danny Other topics 25 12-09-2006 03:01 PM
I am new to this forum. Need info on IRA distribution metro9 FIRE and Money 1 01-06-2006 01:35 PM
MOVED: I am new to this forum. Need info on IRA distribution Nords Hi, I am... 0 01-06-2006 01:22 PM

» Quick Links

 
All times are GMT -6. The time now is 12:20 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.