After a lot of convincing, fluttering eyelashes and "I love you" notes, my husband is letting me open a Roth IRA for him. This was something he was against for some time.
I never opened an IRA account and need some help in this area.
Right now I have both Roth 401(k) and Traditional 401(k) under Fidelity through my employer.
This might be a silly question here -Does it matter where I open an account for my husband? I was thinking under Fidelity IRA since that is where I already have my funds to keep everything streamed lined when it comes to personal finance organization? Or should I do it through our Credit Union or Vanguard?
Any tips on what to look for? Thanks
Made a deal with the DH - Roth IRA!!!
September 19th, 2008 at 05:06 pm
September 19th, 2008 at 06:03 pm 1221847430
Unless you have a specific investment strategy, funds, or preference in mind, you might as well keep it all together in Fidelity. It's a good company.
I don't recommend the credit union though. Chances are, their IRAs invest only in CDs.
September 19th, 2008 at 06:59 pm 1221850772
I'm curious. Why was your husband opposed to having a Roth? What exactly did he need convincing about?
September 19th, 2008 at 07:34 pm 1221852862
Disneysteve - DH has a trust issue with anything outside of his control. He had some kind of retirement fund he enrolled when he started employment (no matching program). All I know it was not a 401k. In a 10 year span it whittled down to around 200 dollars so he has no trust or faith in that anymore. (I have no idea how much he put in and lost or what it really was)
He does not handle losing money well. He would prefer to save the money in a high yield savings account and maintain a feeling of control that he can access it at any time.