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• Scottrade Individual Retirement Account (IRA)

  Scottrade, one of the Best Brokerages for IRA, offers an absolutely no-fee retirement account. The company has been around for over 30 years and is considered a stable and solid company. A leader in technology, Scottrade allows you to add the windows and tools that provide the information you need. Scottrade allows mutual fund investors to invest for free with no transaction fee on mutual fund over 2,800. The firm offers 7 usd flat rate commission on stocks and ETFs priced over 1 usd. Scottrade has a minimum of 500 usd to open an account.

  Are you determined to save for your own retirement? As long as you have taxable earned income, you are eligible for making contributions to an IRA account. If you start your retirement plan now, you can take control of your financial future.

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• IRA Options: Traditional IRA vs. Roth IRA

  There are four options or types of IRAs you can choose from, but the most common are Traditional IRA and Roth IRA. Discuss with your bank on which type of IRA is right for you.

  1. Traditional IRA. In a Traditional IRA, you make contributions with money you may be able to deduct on your tax return and any earnings potentially grow tax-deferred until you withdraw them in retirement.

  2. Roth IRA. A Roth IRA is a retirement account in which income after tax is set aside each year and limits are specified as to how much. Earnings also grow tax free and can be withdrawn tax free. In other words, you make contributions with money you’ve already paid taxes on and your money may potentially grow tax-free, with tax-free withdrawals in retirement, provided that certain conditions are met.

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