About two years ago, I knew pretty much nothing about investing or preparing for retirement. My job, at the time, did not offer a 401K. I opened a Roth IRA account with a local credit union bank. I am looking for some advice on whether I am contributing to the right Roth IRA or if I should consider using a different bank or brokerage in the future.
The details: - Annual Max $6000 (that’s that same for everyone in the US) - No extra charge for automatic monthly withdrawal from debit to fund the IRA - $18 transaction fee if I wanted to make a one time contribution (which I never want to do) - The service holds 1% of my contributions in a cash account (technically still my money at the time) - The aforementioned cash account is used to pay the management fee of .25% on assets managed - The account is only invested in a Vanguard target fund at this time (so not much to manage, in my opinion)
The management fee seems okay for now as I’m building up the account. However, later on that’s going to be pretty expensive. The no-cost monthly transaction is the main reason I haven’t switched for now.
Thoughts? Suggestions?
Submitted February 23, 2019 at 09:06AM by Bladen001 https://ift.tt/2VevVh5
