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IRA Question

My hubby and I want to get IRA accounts this week and put in our 5k max annual contributions before the year ends. We are leaning towards Roth IRAs. Does anybody have any recommendations for 1) where to sign up (we were going to go to our bank but a friend suggested http://www.vanguard.com) and 2) how to best invest the money? We are young enough that we are ok with a more risky/aggressive type of account but we don't want to make a dumb decision.

This might sound like weird questions to ask on here, but I'm bored and wanted to get opinions from a few different places and not just from financial advisors who want to make money off of us. And did I mention that I'm bored? :)

Re: IRA Question

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    I have a roth ira through vanguard too. they have a lot of information about their funds (they're weighted for risk and longevity) and it depends on what you're looking for.  mine is invested in a fund geared towards a future retirement date.  when you're young the fund is mostly invested in stocks and less in bonds, and as you near retirement date the risk is decreased and its invested more in bonds and other mutual funds.

    and there's a website (morningstar i think) that evaluates funds. you should check it out. there's lots of information out there :)
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    I'm a banker for M&I bank.  If you head into a branch, you can speak with a financial advisor who has access to a little bit of everything.  (moreso than say Fidelity or Vanguard).

    Not sure where you bank, but some banks have in house financial advisors and are a good place to start - no committment. 

    PM me if you need some contact info for someone near you.
    ~ Missie

    Welcome Baby Grace to the world! (via emergency c-section @ 38w2d)
    2/24/12 12:03pm 5lbs, 9oz Birth Story
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    I bank with Chase. We went in on Saturday to try to set up and account and the people there didn't seem to know what they were doing. I didn't trust them at all.

    I'll PM you! Thank you!

    Keep the info coming, ladies! I appreciate it!
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    The only problem with going through your bank is that they will likely invest all of your money in a money market that makes poo for interest.  I agree with your friend's suggestion of Vanguard or another investment firm (Merrill Lynch, Edward Jones, etc).  They will assess your risk level and build a portfolio that matches your strategy.  You have as much control or as little control as you would like.  I'm not sure if they all work like this, but Edward Jones advisors gets paid BY Edward Jones, it is commission based, but you don't really see any fees going to them, if that makes sense.  Like, when I deposit $5,000 into my Roth, all $5,000 goes into the account, not $5,000 minus a 10% fee or whatever. 
    image

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    In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_ira-question?plckFindPostKey=Cat:Wedding BoardsForum:17Discussion:19ed9592-1fac-427f-9057-4161f42ce7f1Post:d195457b-32a5-47ab-8841-3e36a265ccf3">Re: IRA Question</a>:
    [QUOTE]The only problem with going through your bank is that they will likely invest all of your money in a money market that makes poo for interest.  I agree with your friend's suggestion of Vanguard or another investment firm (Merrill Lynch, <strong>Edward Jones</strong>, etc).  They will assess your risk level and build a portfolio that matches your strategy.  You have as much control or as little control as you would like.  I'm not sure if they all work like this, but Edward Jones advisors gets paid BY Edward Jones, it is commission based, but you don't really see any fees going to them, if that makes sense.  Like, when I deposit $5,000 into my Roth, all $5,000 goes into the account, not $5,000 minus a 10% fee or whatever. 
    Posted by marriedfilingjointly[/QUOTE]

    thumbs up. 
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    Do you work there, chirp?
    image

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    Glad to hear that :)
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    In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_ira-question?plckFindPostKey=Cat:Wedding BoardsForum:17Discussion:19ed9592-1fac-427f-9057-4161f42ce7f1Post:d195457b-32a5-47ab-8841-3e36a265ccf3">Re: IRA Question</a>:
    [QUOTE]The only problem with going through your bank is that they will likely invest all of your money in a money market that makes poo for interest.  Posted by marriedfilingjointly[/QUOTE]

    Not true for all banks. I know the one I work for is very similar to an Edward Jones, ML, Fidelity, etc, type set up. 
    ~ Missie

    Welcome Baby Grace to the world! (via emergency c-section @ 38w2d)
    2/24/12 12:03pm 5lbs, 9oz Birth Story
    imageimageimage
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    Linky--> EP FB Group - March '12 FB Group <---Linky </b>
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    Sarah, I e-mailed you the info. Hope it helps!  Good luck with your search for a financial advisor.  :-)  I know finding one was one of the best things we've ever done for our future.

    ~ Missie

    Welcome Baby Grace to the world! (via emergency c-section @ 38w2d)
    2/24/12 12:03pm 5lbs, 9oz Birth Story
    imageimageimage
    image image image
    Linky--> EP FB Group - March '12 FB Group <---Linky </b>
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