CD Type Annuities
Help in opening an IRA?
I’m about to open an IRA, if I can ever figure it out… I have the options of investing in CD’s, annuities, stocks or mutual funds. How to I know the best option to choose. I was going to just randomly pick mutual funds, but then they wanted me to choose more specific types.
Is there a website that explains how to open an IRA more in depth than just the basic tax info? I have no clue what I am doing and don’t want to make too big of a mistake.
Sounds like you are thinking about opening a IRA with a bank. Especially when they are asking you what you want. A financial advisor is going to find out what you are looking for out of your retirement account. Certificates of Dissappointment and annuities are no viable options due to their low rates of return, illiquidity and limited choices of investment options within annuities. Stocks are more risky due to the fact that you are subjecting your investments based upon one or two companies unless you had $100k+ to invest. The problem with investing in stocks is that you are assuming the responsibility for a performance and management of a company that you have a minority interest/ownership. Does that sound scary? How would you feel if the market was doing great, but that one company that you invested your money in is not doing so great due to any number of problems that companies can have.
Mutual funds allow you as an investor to have ownership in a collection of stocks and bonds that are bought and sold based on experience and research of a professional management team. You are able to purchase mutual funds with as little as $25/month
As for selection of mutual funds, you should have a diversified portfolio of different funds depending on how much you have invested. Real estate, science, technology, health, foreign stocks,… you name it and there are mutual funds to help you in the direction you desire.
Are you ready to start? Would you like more information? Let me know. -Marcus marcuskthomson@yahoo.com
Below are links discussing ROTH IRA’s and Traditional IRA’s and Mutual Fund investing.
Authors@Google: Chris Anderson
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The Savings Dilemma of Traditional Insurance $9.99 Due to the wide variety of life insurance products,investment options andannuities, with their unique contractual provisions; prospective and currentpolicyowners and investors experience tremendous frustration and confusion overthe value of life insurance contracts, in comparison with other investmentvehicles and strategies. Insurance logic dictates that the bottomline is thatneither whole life in… |
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