Comments on: Fee Free IRAs

By: Super Frugalette

Super Frugalette — Tue, 03 Jan 2012 05:30:10 +0000

Congrats on the baby! I have traveled at 20 weeks pregnant twice. It isn’t a bad time to go. You aren’t too big and you are no longer sick. I love being a SAHM. I hope you enjoy it too!

By: Emily

Emily — Thu, 15 Dec 2011 18:59:39 +0000

We have IRAs with T. Rowe Price, and as far as I know they are fee-free, probably b/c they are fairly large.

By: Mrs Money

Mrs Money — Sat, 10 Dec 2011 02:05:01 +0000

krantcents- Looks like I need to start saving more money for retirement Thanks so much for your help!

By: Mrs Money

Mrs Money — Sat, 10 Dec 2011 02:04:36 +0000

Kacie- If we transfer the funds to ING, we’ll have to pay the $75 each close fee. The annual fee is $40.

I should definitely look into the tax penalty. If I roll it over from the Roth to another Roth, then I don’t think I would be penalized at all.

I think you’ve got the right idea- I think I am going to start it with ING and then transfer it to Vanguard. Do you like them?

By: Mrs Money

Mrs Money — Sat, 10 Dec 2011 02:03:02 +0000

Catherine- Thanks for the recommendation! I think I’ll probably start with ING, and when we have enough money saved, I’ll transfer it to Vanguard!

By: Mrs Money

Mrs Money — Sat, 10 Dec 2011 02:02:35 +0000

ListfulWistful- That’s great! Thanks so much for the recommendation!

By: krantcents

krantcents — Sat, 10 Dec 2011 01:48:59 +0000

I have a few IRA accounts at Schwab, Fidelity and Vanguard. When you maintain a sizable account, they waive the fees.

By: Kacie

Kacie — Fri, 09 Dec 2011 01:55:25 +0000

Is there any fee for you to transfer the funds to ING? I think the money needs to go somewhere else, because your money will be GONE in a few years with their fees. $75/year on a $400 balance? Yeah. Gone in 5 years.

Would you for sure have to pay taxes? I thought you only had to pay taxes on the gain. Since this is a Roth, you already paid taxes on the front end. They can’t tax a loss…I think. The tax situation is worth researching and narrowing down further so you know the exact dollar amount. I’m no CPA, sorry!

You don’t need to wait for a full $10k to transfer to a brokerage. If it takes you awhile, that’s missing out quite a bit on the market in a savings account and that could be costly later. You can open an account at Vanguard with $3k.

My armchair advice is to transfer the accounts to the ING Roth IRA. Be sure it stays in a Roth. Then, when the account hits $3k, scoot them over to Vanguard. Maybe you can put Mr. Money’s money into Vanguard already. Yours can hang out in ING while you save up.

By: Catherine

Catherine — Thu, 08 Dec 2011 13:22:28 +0000

I have a Roth IRA with Vanguard and really like them. I think most of their funds have a $3,000 minimum, though. Not sure on that.

I would highly recommend ING, though. We started checking/savings accounts with them a year ago and I would never go back. It’s so simple to check balances, move money around, etc.

By: ListfulWistful

ListfulWistful — Thu, 08 Dec 2011 11:26:06 +0000

I set up a fund with Vanguard. There is an annual fee (maybe $20?) for the fund I got (STAR fund), but it is waived if you sign up for electronic mailings instead of paper. I am not sure what the policy is for their other funds, but it is worth looking into!