Are you looking to stash away a bit more money for retirement? Are you looking for a more long-range or reliable vehicle to do so beyond your basic checking account or sock drawer? Setting up an Individual Retirement Account or IRA is a great way to put money away for the future. But when it comes to where you open that account or how you fund and maintain it, you might want to look into either a self-service account or an account at a broker or firm that will keep fees as close to zero as possible. Here's why you might want to look into a no fees for life IRA.
Fees Might Not Look Like Much But They Add Up and Cut Into Your Earnings Over Time
If you are still making investments within your retirement portfolio with a broker or institution that charges you per transaction, you are essentially giving money away a little bit at a time. That small transaction fee might not be a big deal today, but keep in mind that a retirement account is designed to build up over 20 to 30 years or even much longer than that. Over time, those fees will begin to add up. Then, consider the amount of additional earnings or interest you could have earned on that money if it had stayed in your account instead of being handed to the account manager or bank. An IRA with no fees maximizes your long-term earning potential.
An IRA With No Fees Will Allow You to Move Money Around Without Worry or Concern
Another reason finding an IRA with few or no fees is so important is because this will allow you to remain liquid within the retirement account to a certain extent. You may not want or need to withdraw the money out of the IRA, but you can decide to sell an underperforming fund or stock within the IRA, wait for the funds to settle within the account, and then use that money to buy something else instead. But if you know that you will get charged fees for every move you make, you might be less likely to go down this path. This could keep you from jumping at a good opportunity in the market as you see fit.
A No Fee IRA is Also a Great Idea for Gold or Other Commodity-Based Accounts
It's possible to fund an IRA today that focuses on gold or other commodities that will significantly diversify your overall holdings. If you intend to buy into something like gold that will retain an intrinsic value over time and hold it for the long term, you don't want to get charged an annual service fee from a broker when they aren't really doing that much for you. A no fees for life IRA from a company that offers the ability to invest in gold may be a good fit for you.
For more information about a no fees IRA, contact a local company.
