Roth IRA

[The4Aces]

Ok this year i baught a Roth IRA with prudential finacial. I am planing on putting another $3000 next year into a IRA. Is it smart to use prudential for this year or should i use another company?

[RollaJ]

You only get one roth ira. Just keep adding money every year. If for some reason you decide you dont like Pru, you move that account to another company

[TN_POKER_MAN]

The 2005 limit for IRAs is $4,000.

Prudential is no different from any other large company. There are good advisors and bad ones there. They have good products and bad ones. Its hard to say which one you've got (advisor and/or investment product).

[BradleyT]

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You only get one roth ira. Just keep adding money every year. If for some reason you decide you dont like Pru, you move that account to another company

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I don't think this is correct.

[TGoldman]

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[ QUOTE ]
You only get one roth ira. Just keep adding money every year. If for some reason you decide you dont like Pru, you move that account to another company

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I don't think this is correct.

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You can open up as many Roth IRA accounts with as many different brokerages as you like. However, the contribution limits apply to the aggregate of your accounts, so it won't allow you to contribute any more than the $4,000 amount per year.

[Jim Kuhn]

You should usually stick with one company to minimize your account admin fees. Also, with more money in an account a broker should pay more attention to your money.

[tanda]

Broker?

Who uses a broker?

Probably people who shop at the mall, have dial-up, use pay phones and buy books for full price at Borders.

[The4Aces]

why not use a broker? I dont completly trust online brokrages mainly because i dont really know how they work. Also i am only 18 so i just used my parents finacial adviser or what ever at prudential.

[TN_POKER_MAN]

Rich people use a broker....thats who.

Sure, you can save money by doing it yourself. However, it has been my experience that "most" folks can't do it themselves.

I've used the same logic when it comes to lawncare, tax preparation, car maintenance & healthcare. I find great value in paying for such services.

If you don't believe me, then why are the vast majority of the largest investment accounts with brokers?

[Jim Kuhn]

Online/do it yourself brokerages also charge account admin fees.

Thank you,

Jim Kuhn
Catfish4u
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[BradleyT]

Ameritrade doesn't charge any admin fee as long as you have like $2500 in there.