I opened up an IRA with ING Direct last April, before I knew about this forum. Mostly used their IRA just because my current savings account was with ING, and their interface was easy enough to use.

Fast forward 6 months -- I've made 0.3% on my investment, their analysis tools are what I would consider poor, their regular savings account rate is a full 1% lower than other banks, etc etc. I know that my savings account is easy enough to switch over, but what about the Roth? Are there any fees I'm going to run into during my conversion, or is this as easy as a savings account would be? Or should I not bother and just stick it out with ING?

I just did a transfer over the last 2 days.

On Monday I went to my new IRA trustee, got trustee to trustee transfer papers. Then I went to my current IRA trustee and got the check. On Tue I went back to the new trustee and finished opening the account and deposited the check.

The three stops (all near home and/or work) took <1 hour combined, longest being opeing the new account because of all the paperwork to read/sign.

darambo said:I searched and did not see any threads with the term "variable annuties" in it.

Am meeting w/ an advisor about options for my paltry 125k IRA. She has hinted that a variable annuity with Jackson National, Perspective II family of funds would be a good place to go.

Do most advisors charge around 1.5% of your total annually to manage an account? This is a big decision - and I am reseraching the company and the annuity/IRA thing. I want to know WHY an annuity is a good idea for an IRA. The fund also charges expenses, of course.

Will think over the info I get tomorrow - no snap answers for me. I thought someone here may have been down this road already.
Did you search for the term variable annuity, because I did, and I found five threads, other than the one you started.

jurilda said:from personal experience can someone recommend a bank or a company that is best for opening an ira? also i am a little bit confused i was told that if you have a roth ira and you withdraw the funds before 59-1/2 you pay penalty is this true? from what i am reading in this topic some people are saying that you don't pay a penalty.
To be qualified, the distribution MUST be:

1. Made on or after the date you become age 59 1/2; OR
2. Made to your beneficiary, or to your estate, after you die; OR
3. Made to you after you become disabled within the definition of the IRS code; OR
4. Used to pay for qualified first-time homebuyer expenses.
from the very first google link on "Roth IRA withdrawal"

kamalktk said:jurilda said:also i am a little bit confused i was told that if you have a roth ira and you withdraw the funds before 59-1/2 you pay penalty is this true?To be qualified, the distribution MUST be:

1. Made on or after the date you become age 59 1/2; OR
2. Made to your beneficiary, or to your estate, after you die; OR
3. Made to you after you become disabled within the definition of the IRS code; OR
4. Used to pay for qualified first-time homebuyer expenses.That doesn't answer the question. A nonqualified distribution will still be free of tax and penalty, up to the amount of your contributions.

duna said:Any info on SEP IRA?What do you want to know? Where have you searched for information?

HAPPY NEW YEAR! During the first two weeks of January 2007, this thread will be regularly updated to include more informational links. Please feel free to submit your suggestions so this IRA FAQ becomes an awesome, up-to-date resource for making intelligent decisions about your IRA plans.

ThursdaysChild said:I'd like to suggest that the title of this thread be changed to "IRAs and 401ks" since we have so many threads talking about both.

I'd also like the Mods to re-sticky this thread. Then with luck people will read this thread before posting repetitive questions.I just sent an Alert to the Mods asking them to re-sticky this thread.

Squeezer99 said:can I put a monthly amount like $333.33 a month into an IRA at vangaurd, or do they only accept the lump sum max for each year in one payment?You could send them $10 every day if you really wanted to. You can contribute what you want when you want (within the annual contribution limit, of course).

Quick question guys,

If I open up a Roth IRA at Scottrade or even my local bank, will I be able to purchase any funds I want in there? For example, could I purchase a Vanguard fund in my Scottrade IRA or Commerce Bank (local bank) IRA?

I am still in college and don't make too much money, (got my AGI under $15k) but wanted to open up a Roth IRA to take the retirement savings deduction (http://www.unclefed.com/AuthorsRow/LitaEpstein/retirement_savingscontributions.html) to get almost all my tax money back. Apparently if I contribute up to $2k to any type of retirement account, I can take a 50% credit ($1k) on my taxes, which basically puts me at getting almost all of my tax paid as a refund.