Where can a person start investing into an IRA that doesn’t require a lot of money for the initial deposit?
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A friend works part time, her husband full time. Her employer does not offer a retirement plan, her husband is in his 401k plan. She wants to start investing some of her money to a retirement plan but does not have any money to initially deposit. Is it even possible for her to start an IRA? Are there better options for her to invest into? She wants to put in $25/ month electronically by AHC so she feels she is contributing to their retirement as well. As my husband and I both invest into our employer 401k programs, I did not have an answer for her and was hoping someone here would! She is 36 years old and was looking for something that would compound some off of her $300/year investment. Thanks!
A friend works part time, her husband full time. Her employer does not offer a retirement plan, her husband is in his 401k plan. She wants to start investing some of her money to a retirement plan but does not have any money to initially deposit. Is it even possible for her to start an IRA? Are there better options for her to invest into? She wants to put in $25/ month electronically by AHC so she feels she is contributing to their retirement as well. As my husband and I both invest into our employer 401k programs, I did not have an answer for her and was hoping someone here would! She is 36 years old and was looking for something that would compound some off of her $300/year investment. Thanks!
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There are mutual funds that do that. Suggest that she research mutual funds. When she finds one she likes, look at it’s IRA plan.
Another option would be the local bank for starters.
Avoid DRIPs which are just one company stock.
Suggest that she look at a ROTH IRA … not the traditional IRA. Below are some examples and one mutual fund company that used to accept automatic monthly investments of $25.00 per month, I do not know what their minimum monthly is now.
As always, investigate before you invest.