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Frequently Asked Questions

What is an IRA and how does it work?

Basically, an IRA is a special kind of account at a financial institution, mutual fund, or brokerage that has certain tax advantages designed to encourage long-term investment and savings to provide retirement income for you. There are restrictions on how and when you can withdraw the money in the future without incurring tax penalties.

What is required to open an IRA?

There is no fee to open an IRA account and no account maintenance fee. The minimum amount required to open an IRA is $500. Scottrade offers stock and ETF trades for $7 and has a network of 500 locations across the country. They also offer more than 3,100 mutual funds on a commission-free basis.

Should you open an IRA?

Opening a New IRA. When you open your IRA, you should choose an investing firm over a bank. The investing firm will allow you to invest in mutual funds or stocks. These options offer more potential growth for your investment, then you would get if you opened the IRA with CDs.

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