How to open a retirement account with $50
October 31st, 2006 - 14 Comments
After I wrote The World’s Easiest Guide to Understanding Retirement Accounts, I got a bunch of emails asking about the fees to open a retirement account. It’s true, lots of places require you to fund your retirement account with $1,000 or $3,000 to get started (e.g., Vanguard does). But there are other options. Summer writes:
I actually just started my Roth IRA with the T. Rowe Price Retirement 2040 fund a couple weeks ago. It’s so easy! Plus, with automatic allocation, you only need $50 a month to fund it (no coming up with the $1000-$3000 up front).
I don’t own anything at T. Rowe Price, but I’ve heard good things about them from a number of people.
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