How much money do you need to open an IRA?
148458
Many mutual fund families will waive their intial minimum requirement if yu set up an automatic investment plan, usually as low as $25-$50 per month. It is a good way to systematically save. Try American Funds, I believe they have very low minimums on this kind of approach.
611686
You should start out around $55,000
442756
You should use 4000 to put into a ROTH IRA.  You can put another 4000 in a ROTH IRA for your wife.  If you are taking advantage of the tax deduction of mortgage interest, your interest rate is effectively 4%, so it probably makes more sense to invest rather than pay off your mortgage.\nYou might want to put your 2000 into municipal bonds which will give you tax-free income.
36177
You can open accounts at Vanguard or Fidelity, both have lower expense ratios compared to the competition. Most funds have a minimum initial investment of $2500, unless it's for an IRA. You can set up automatic deductions to buy into the fund monthly.\n\nAlternately, you can buy ETFs (Exchange Traded Funds). There may be an ETF that tracks a specific mutual fund you are looking at. Vanguard has a huge list on their web site. You can buy the ETFs through a discount online broker like scottrade.com or etrade.com. You pay per transaction but the maintenence fees are usually slightly lower than buying an actual mutual fund.
1186755
Automatic savings.  Open an IRA for retirement and automatically have $200 per month taken out of your pay and put in that account until you max out on the yearly limit.  You could even more than $200 in now, since the year is half over.\n\nPay yourself first.  You can't spend it if you never see it.  Your old self will thank the smart young self that started saving.
1109453
GOD YES!!!! NOW IS A GREAT TIME!!!\n\nI work as a financial advisor and I wish I could get as many people in their 20's to buy a Roth IRA.  \n\nRemember, a Roth IRA means that you do not pay taxes on the growth or interest, and their is no taxes when you take the money out after age 59 1/2 years old.\n\nAlso, if you work and you company offers a 401k, try that as they might match you on what you put in.  Remember, that money is not taxed when it goes in, but is taxed when you take it out after age 59 and 1/2.  \n\nIf you are so inclined, you can do both.\n\nTry Scottrade.com, or etrade.com if you want no limits on what you can invest in.\n\nStart with a mutual Fund that is called "balanced" or Asset Allocation.
123484
I agree, A ROTH IRA makes more sense in a lower-middle class income situation.  You don't really need an income tax deduction right now.\n\nThere IS a reason to open a traditional ira, however.  If you were in a high tax bracket, you would be able to lower your reported income by $4,000 this year (or $5,000 if you are over 50 years), thus potentially lowering your tax bracket.\n\nIf you have a 401k at work, ask about the brand new ROTH 401k, which puts after tax money into a 401k for you.  Again, this would be perfect in your situation, since you could put away more than $4,000 (up to $15,000 this year) and the money would come out tax free at retirement, when you could potentially be in a higher tax bracket.
32132
That depends so much on how old you are and if you have any other money on hand for emergencies etc.  Maybe you could give more of those details.\n\nOK, now we have your age and amount:\n\nYou will probably be needing this money to pay for college in about 3 years.  If so, you would not want to put it in the stock market.  You should put it in something safer (e.g. a 3-year CD, or perhaps I-Bonds).  You should also consider having your parents put the money into a 529 plan for your college.  This depends somewhat on how you came by the money (did you earn it, could it be treated as your parents money, etc.).\n\nIf you don't need it for college, and you know you can leave it for 10+ years you should open an account with someone like Vanguard and put it in a no-load stock market index fund.  I don't know if you can open an IRA at your age, you could check into that as well.
322315
You must make sure you qualify for a Roth IRA.  If you are single and make more than 110,000 or if you are married filing jointly you cannot exceed 160,000, married filing separate 100,000.  As long as you do not exceed these income limits you can establish a Roth IRA.  All you have to do is contact your financial institution and ask for the conversion paperwork.  You can convert as much as you want.  You don't have to do it all at once!  That way you don't have to jump too many tax brackets.  Any amount you convert will be taxed as income for you in that year.  You have until April 15th of each year to have it count towards the current tax year.
137912
Ages always mean from date of birth.\n\nWith a traditional IRA, once you reach age 59½, the threat of the 10% penalty disappears. You can withdraw as much from your regular IRAs as you want, penalty-free. Cash coming out of the account is taxable in your top tax bracket, except to the extent that it represents a return of nondeductible contributions
291451
An IRA is like an empty folder or bag.  You need to put stuff in it like indexes, stocks, bonds ect.  If the money has already been taxes then you should open a ROTH IRA otherwise the money with be taxed on the front end when you put it in and the back end when you take it out.  ROTH IRAs don't have back end taxes (so those millions you might make are tax free).
4569
30 years of contributing the max to a Roth IRA each year should create a million.  If you have a 401k at work that offers matching, contribute enough to get the max of the match.
398114
There are lots of mutual funds that will take $100 to get you started.  So a search in Yahoo Finance or MSN for funds that start with a min investment of $100.  I have been an investment advisor for over 23 years.
223414
As the other people have said, you can start either a regular IRA or a Roth IRA.  The money in these can be invested in a CD at a bank or into a number of other items, such as mutual funds.  The problem with having just the IRA is that you are limited as to how much you can invest.\nBesides the IRA, you may want to think about investing in an annuity.  In an annuity, you earnings grow tax deferred until retirement.  At retirement, you can have the money paid out as a lifetime income.  There generally is no limit as to how much money you can invest in the annuity.\nThere are different types of annuities.  You can get fixed, indexed, or variable ones.\nThe best thing I would recommend is talk to a financial representative to help you decide which plan best meets your needs.
827559
You can actually draw all of it at age 59 1/2 without penalty but you will have to pay income taxes on the tradtional IRA but not the Roth.  The mandatory withdrawal starts at age 70 1/2 and is a formula based on your life expectancy.  The company you have the account with can give you the minimum you must withdraw each year to meet the IRS rules.
692766
Odd-Lot stores, Job-Lot stores, 99cent stores, Salvation army stores, Thrift shop, Loot magazine, Craig's list, garage sales, fleet markets...neighbors moving out sales...\n\nand $500 Certficates of deposit bought at the bank every month...one year duration...and renewed at the end of the year. When the year end rolls around and the first comes due...add it to the $500 you use to purchase your CD's and make it $1000 and purchase a new $1000 CD. At the end of five years you will be so used to putting money away it would have become as natural to you as breathing...and it won't even dawn on you that $2500 is available to you at the end of each month. That is called paying yourself. And is independent of your Keogh, Roth IRA's, 401k's and social security money or anything resembling an annuity. It is all these things rolled into one and the emotional satisfaction of the discipline and the fact that you control exactly the money you put away...cannot be beat by anything a broker could swindle you...er...convince you into investing.\nNow that's frugality in my book.\n\nOh, yes...I have no credit cards either. Debit cards take their place. Can only spend what I have. Erma Bombeck is to others what Suzie Ormon is to the frugal.
128978
If you are looking long term a Roth IRA is a great idea.  The limit is 4000 per year, but before April 15th you can still open one for 2005.  So you can open a Roth IRA with 4K for 2005 and 3,500 for 2006.  As for the investment inside that Roth IRA, you will have to analyze your stomach for risk and your desired return.  If you are new to investing, but can handle some risk an index fund such as the S&P 500 might be a good start.