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Mike Danger"Diane..."a place both wonderful and strangeRegistered Userregular
I'd like to open up a Roth IRA (I figure I'd rather pay my taxes on deposits now than in the future, and it seems crazy not to do this stuff now (I'm 24, 25 in April)). I had called up my local bank to do this and the teller basically told me "don't talk to me about this, talk to our IRA guy".
The IRA guy gave me a call and when he found out I had < $6000 (I had planned on putting in around $500 - $750 -- I have about $400 from an inheritance and was planning on dropping in some from my savings to bring it up a bit) he basically told me "don't bother, our fees will take away most of it" and suggested I look into Vanguard or T. Rowe Price.
Looking at Vanguard's site, they don't seem to have fees...looking at T. Rowe Price it looks like you pay $20 a year until you have $10k (or maybe $50k?) Does anyone have an IRA with either of these companies? Or is there a better third option? I'm not really sure where to start with all of this, or if I even have enough money to open one.
Edit: To maybe further clarify my thinking: I put about $340 per month into a regular savings account. After I hit $5000 in savings, I was planning on splitting it into $170 in savings, $170 in the IRA. I'm already making the max contribution to my work 401k to get the most money out of my employer.