IRAs

who has them? and is it really worth getting one?? tell me why and how.

3lee;277638 said:

who has them?

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I used to offer them through the financial company I used to work for so I have some knowledge of them. I am getting ready to open up my own shortly, from a pension from a former employer.

and is it really worth getting one??

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For most people it is. Tell me more about your financial situation and other retirement planning and I can tell you more.

For example, I have a plan similar to a 401k available to me. My employer will match up to 5% of my contributions after I have participated for one year. I intend to do this, as it's free money on the table. The major drawback with my plan is that there is about 6 funds to choose from and this is it...period. So, the choices for what I can do with my money are horrible, but I still want to put in up to the match. Beyond the match, when I would contribute everything in the plan, why would I? If you're not getting a match, then don't put your money in a plan without extensive choices available, or that may have fees/deadlines for moving it when you leave your employer...IF there are other options available.

tell me why and how

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As I said, I need more information to be able to tell you why, but it's something most people should be doing.

As for how, call a financial company that actually has some personal service. You could work with a company like Fidelity, Schwabb, and others if they have an office locally and someone that would work with you. Otherwise, call MetLife, New York Life, Prudential, or similiar insurance/financial companies that will give you a personal agent to work with.

Obviously, since you came on here asking basic questions, you're not real knowledgeable in this area, as many people are not. DO NOT open something up online with a .com that doesn't give you much service. Many people do this for an advertised promotion or low fees, but have no idea what they're really doing.

Robo-Monkey;277685 said:

As with anything you need to do your research on the subject matter. Don't be pressured in to making a hasty decision. You're talking about your financial future so plan wisely and for your needs not theirs.

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Absolutely right. One would be wise to research and learn more about the financial field, even when using the services of a professional. The more relavent questions you can throw at them, the more they'll know about your situation and the more advice you can get.

Sounds like penquinsfan is voluteering being your financial broker, just remember he's a Hockey Fan (LOL) brutual ... good advice p-fan

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I was in the industry for a time. Problem is, I'm not very good at the "hard sell" and the reality is people are often financially irresponsible enough that they won't utilize your services just from presenting a logical argument and a plan of action. They often need to be scared or pressured into actions, when it comes to investments and when it comes to life insurance it's 10x worse. I just wasn't very good at that aspect of it.

One more thing, I do like the insurance companies that have branched into financial services, but one needs to exercise a little caution. Do not let them sell you large whole life insurance as your retirement planning. Don't get me wrong...the investment world is over-critical of whole life insurance and the average person should have a modest amount of it, but you should not really take it into consideration for your retirement income. There are exceptions to this that should have the bulk of their retirement planning in life insurance such as high income earners or individuals that feel they are at above average risk for judgments or lawsuits. Permanent life insurance should be there for when you'll someday be uninsurable, term insurance is now unaffordable, but realize you still should have some coverage...a situation many people find themselves in someday.

Let the agent/adviser know upfront that your primary interest is in investments, not life insurance, unless you have very little, at which point you have two needs to address. But do extend a courtesy, and perhaps help yourself by taking an honest look to see if you have enough insurance too.

Let me know if there are any more questions on investments or life insurance and what is appropriate for any particular situation.

yo taxes is bullshit. Feel this, pay for what you want, you know? all them people payin that tax money going to support law enforcement, you already know what I think. I never call police, never will, and some people dont rely on them motherfuckers. Whats the point? This off-topic but I'm sayin it anyway.

Robo-Monkey;277685 said:

As with anything you need to do your research on the subject matter. Don't be pressured in to making a hasty decision. You're talking about your financial future so plan wisely and for your needs not theirs.

Sounds like penquinsfan is voluteering being your financial broker, just remember he's a Hockey Fan (LOL) brutual ... good advice p-fan

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Yeah don't wanna lose all that cash of yours, maybe monkey boy will lend you some of his.

An IRA is a financial tool for retirement and can be tax deductable depending several factors like your adjusted gross income, your filing status, and whether you are covered under an employer sponsored qualified retirement plan.

There are several different types of IRA's and you can talk to a financial agent at most banks to learn more about the advantages and disadvantages of each.