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Ten Most Frequently Asked Questions About An IRA

By Erik Folgate

It’s the new year, and one of your goals for this new year may have been to open a retirement account. Whether you are 18, 38, 58, or 68, I would encourage you to open an IRA tomorrow, and begin contributing to it regularly. The biggest misconception about saving for retirement is that it’s too late. My philosophy is that it’s never too late to save for the future. If you keep dwelling on the negatives, another day passes by when you could have been saving!

Here is a good article from Yahoo Finance with 10 frequently asked questions about an IRA.

This is a good reference article for those of you looking to open one up. I would also suggest finding an investment broker that you can trust. Check out the Dave Ramsey investor ELP reference database. He will match you up with a broker in your area that he personally endorses to have the heart of a teacher, rather than someone trying to push a product down your throat. Whether you’re a Ramsey fan or not, or even if you’ve never heard of him, check out his database of brokers. He doesn’t receive anything from endorsing them, they are just a group of people that agree to teach people like you and me about retirement accounts and mutual fund investing before we sign the dotted line.

What are you waiting for? Go open your IRA now!

Erik Folgate
Erik and his wife, Lindzee, live in Orlando, Florida with a baby boy on the way. Erik works as an account manager for a marketing company, and considers counseling friends, family and the readers of Money Crashers his personal ministry to others. Erik became passionate about personal finance and helping others make wise financial decisions after racking up over $20k in credit card and student loan debt within the first two years of college.

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