It’s not much, but I now have $1000 in a Roth IRA with ING. I chose a no-load fund based on the Large Cap index (S&P 500).
I read the Prospectus and it seemed pretty good. They do attempt to alter the S&P 500 a bit to make it even better…I’m not sure how I like that, but I’ll only be in it for a year or maybe two. My goal is to move it to Vanguard once I have enough and am less worried about potentially having to extract it.
One advantage of Roth IRAs is that I can withdraw my investment with no penalties (not what it earns, though). The ING account also has a minimum $250, so I could also withdraw $750 without even having to close it. It’s not in the plan to close it or withdraw, but it’s good to have the ability as a contingency plan.
And my investment still counts as part of the 2007 tax year. If you haven’t yet met your maximum possible contributions for 2007, you can still do it until April 15th.
Next we’ll start one for Micah–perhaps once he starts working full-time. He’s also the beneficiary of my account in case I die or something. ING actually makes you name a beneficiary, which is really handy.
photo by mvhargan