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Are all Roth IRA the same?

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JohnnyG
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Are all Roth IRA the same?  Reply with quote  

I'm looking into opening a Roth IRA just not sure which one? When looking at IRA what do I need to look for when choosing the right one.

Background: 42 yrs old married with 2 boys 8 and 10. We both have companying matching 401k (half up to 8%). 401k balance is over 100k. (John Hancock and Fedilety) Savings is near $10k. Debt free minus the house.

Goal is to have enough money to possible retire early 60ish.

Any info would be great

JohnnyG
Post Sat Oct 22, 2011 1:36 pm
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JohnnyG
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WOW.....nothing really.....Did I say something wrong....
Post Sun Oct 23, 2011 1:00 pm
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coaster
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Sorry, we've been having problems.

I've been having problems.

Things are kinda screwy right now.

Anyhoo.....

I think the problem is that you're confusing the bus with the riders. The Roth is the bus. It's a legal construct for accumulating retirement assets that will (knock knock) not be taxed when you take them out during retirement. Those are the riders. There is only one bus. As far as the riders go, the bus will take whoever wants to get on. Therefore, the question should be not, "which bus", but should be "who's going to be allowed on the bus." A secondary question (and an important one) is "who's driving the bus?"

I hope you're catching the drift: a Roth is a Roth is a Roth; there is only one Roth.

What you put into it is up to you, and who you get to manage what you put in there is up to you. And the answers to those questions need a whole lot more detail. More than can be gotten into here. I suggest you contain one of the major investment companies: Fidelity, Vanguard, T Rowe Price.

~Tim~
Post Mon Oct 24, 2011 7:33 am
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JohnnyG
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Thanks Tim,

I was thinking some "buses" perform better than others. Thanks for clearing that up.

Also on a side question. How does Edward Jones perform, could they drive the bus? Only reason I'm asking is there office is 2 blocks from my house. I'm old school and would perfer a face to face breifing. I also have questions about a 529 plan.

JohnnyG
Post Mon Oct 24, 2011 5:19 pm
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coaster
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Location: Wisconsin
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The folks on the other end of the phone at the major investment co.'s are more knowledgeable and better at answering questions than the folks at Edward Jones could ever hope to be, sorry, but you won't be able to view their faces. Very Happy

Honestly, I'd rather see you stay away from full-service brokers, as it's like driving the bus with the parking brake half on (commissions and fees)

~Tim~
Post Tue Oct 25, 2011 7:04 am
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