am 50 whats best place to open roth ira and how do I manage it without being directly involved.
Terry Says: There are many places to open a Roth IRA — but I’d start with a place like Fidelity or Vanguard or T. Rowe Price (www.Fidelity.com; www.Vanguard.com; www.troweprice.com) — There you can pick a mutual fund such as an equity-income fund, and open your IRA. You must have a minimum of $1,000 to start — and agree to monthly contributions of at least $100, to be automatically taken out of your checking account. Just stick with it and don’t worry about the ups and downs of the market. At your age (50- and older) you are allowed to contribute as much as $6500 in one year, if you meet the basic income requirements, which you’ll find on the websites I mentioned. The more you save the better! Just stick with an equity-income fund, which is a sort of conservative stock market fund, and you won’t have to be “directly involved.”