What is an IRA? An IRA?

Here are 6 ways to invest in an IRA.

First, your local bank or credit union can set up an IRA for you. Most likely they will suggest you put your IRA money in a safe interest-paying investment like a CD or money market account. Perhaps they will have an investment representative on board who can offer you other alternatives.


Second, you might be comfortable working with someone you know quite well, like your insurance agent. Some of them offer IRAs. For example, you can invest in an annuity IRA, where your money is invested in a tax-qualified annuity.


Third, if you have a stock broker, he or she will be glad to work with you. Here
you could have a brokerage account set up as an IRA. Full service brokers also
offer mutual funds and other investments you can use to fund your IRA.

Fourth, discount brokerage firms offer IRAs also. With these accounts you can buy and sell stocks, bonds, ETF's and mutual funds online.


Fifth, financial planners will be happy to help you set these account up, or to
consolidate some of your existing IRAs.


Sixth, no-load mutual fund companies do a ton of IRA business. The larger ones
offer a broad array of mutual funds to choose from, with no sales charges.


The important thing to realize is that you can invest in most conventional
investments inside an IRA. You can make changes inside your account without
triggering a taxable event. For example, if you sell a stock, your funds are
simply transferred to your cash account in your brokerage account. It is still in
your IRA, so this transaction does not need to be reported to the IRS.
When you remove money from your IRA, then you report it.

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