Chapter 22
Ten Questions about IRAs Answered
IN THIS CHAPTER
Starting and investing in an IRA
Being aware of tax issues
Knowing when to take your money out
An individual retirement arrangement, commonly called an IRA, is a great way to save money for retirement. This chapter answers some of the common questions about them.
Where can I start an IRA?
Most financial institutions offer IRAs, including banks, insurance companies, mutual fund companies, brokerage firms, credit unions, and brokers. It can be a bit confusing because most institutions offer a wide range of investment products. Some more so than others. For example, a bank is able to offer an IRA that can be invested in mutual funds, and a mutual fund company can offer an IRA that provides a very wide range of investment alternatives including individual stocks and bonds and even certificates of deposit (CDs).
Do I need to hire a broker or financial advisor to start an IRA?
You don’t need a broker or financial advisor to open an IRA. A broker or financial advisor can help you decide how to invest your money; however, they don’t work for free. They often recommend a managed account that usually is just a mix of mutual ...
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