What all is involved in a ROTH IRA? How much money do i need down? What rates are included? Anything you know!

When I finally start my new career as a nurse I want to get rid of my 5,000 dollar debt and also invest! I want to have a great retirement! I have been interested in a ROTH IRA and wanted to know more about it!

The first misconception a lot of people have is that ROTH IRA is an investment. It isn't. It is an account registration for tax purposes. The types of investments you can possess in a ROTH IRA are nearly limitless. It can be applied to the savings account at your bank or individuals stock or bonds. They can all be held in a ROTH registered account.

For small investors like myself, make sure you can take of you and your family's (if you have one) needs first. Try to have a couple months wages of saving first for the what if's (car repairs, sickness). Make sure your adequately insured. Then consider investing.

If you are rather young and are focused on retirement, then I strongly recommend walking through some retirement tutorials at some major mutual fund companies. They have done a lot of work to help new investors understand the market, risk, returns, and investment options that will fit your risk tolerance. Consider one of these major mutual fund companies:
Fidelity
T. Rowe Price
Vanguard

You will find a link for retirement or retirement guidance on each of these companies web sites.

Take the time to educate yourself, and you can avoid being steered in the wrong direction by someone looking at you as his next commission.

The minumum investment is determined by the company that has the account. It is often a small amount , like $100 A Roth IRA is good to use, when starting at an early age. It has more lattitude of the thing you can do. Fidelity is a great firm. I would go to their web site, read up a litttle, and them call them. It would be good to do it righ away, so that you can have it in the current year. You do not kn ow what, if any, changes will be in the rules after December 31st. In addition, this will be very good for you financial statement. I am a mortgage broker.

Go to:
www.ira.com
www.investopedia.com
There you can read about IRAs. They are offered by banks, mutual fund houses and stock brokerages.

you can open a roth ira at any bank with any amount of money (my niece opened hers with only $28.00) it is the best way to go and i think every one should max out there contribution each year!!!