Which Roth IRA Account Is Best for Your Retirement?

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The key to investing is long-term growth, so what could be better than opening a Roth IRA account for your retirement?

Read Wikipedia’s comprehensive guide on the complete benefits of the Roth IRA account. Wikipedia walks you through the steps on how to open a Roth IRA account. In fact, the Roth IRA may be your ticket to retiring rich.

Roth IRA accounts are wealth building tools that grow your earnings tax-free. Many financial institutions offer Roth IRA accounts to their customers. After searching Google for Roth IRA, I came across tons of banks/credit unions/brokers that offer Roth IRAs.

Haven’t opened yours yet? Well, you no longer have an excuse. Everything you need is right here.

2014 Roth IRA Rules & Benefits

  • Contributions can be withdrawn anytime without taxes or penalties.
  • Distributions, interest, and dividends are tax-free if you are at least 59 ½ and the account has been established for longer than five years.
  • You can contribute after age 70 ½ as long as you have earned income.
  • No required minimum distribution (RMD) during your lifetime.
  • Tax-free distributions can be passed to your beneficiaries.
  • There are no deductible Roth IRA contributions.
  • If you change your mind, you can undo or recharacterize your IRA using a Roth IRA recharacterization.

You should consider a Roth IRA if:

  • You want tax-free earnings.
  • You are already saving for retirement with an employer-sponsored plan.
  • Your income does not exceed $181,000 for married taxpayers filing jointly or $114,000 for single taxpayers
  • You want to invest for retirement but may need to access your savings.

Best Roth IRA Providers 2014

Opening your Roth individual retirement account is simple. Just make sure you select the best Roth IRA brokerage while comparing maintenance fees, rates, and account minimums.

Below, you will find a chart with the best Roth IRA banks listed. Each bank/broker provides different benefits that include price, ease of use, accessibility, customer service, etc. We put together this list of best Roth IRA companies for your convenience.

Compare the best no fee IRAs and fee requirement IRAs in the business. Our personal favorite is TradeKing

Bank Name Annual Fees Commissions Minimum Balance Open Account
BB & T Roth IRA $0 $0 $0 Open
Etrade Roth IRA $0 $12.99 $0 Open
OptionsXpress Roth IRA $0 fees $14.95 $0 Open
Fidelity Roth IRA $0 $19.95 $1,000 Open
T.Rowe Price Roth IRA $20 fee/year for accounts < $5,000 $0 for No Load Funds $1,000 Open
Bank of America Roth IRA $30 fee for balances < $10000 $0 $0 Open
Zecco Roth IRA $0 fees if over $2.5k balance $4.50 $0 Open
Charles Schwab Roth IRA $0 $8.95 $1,000 Open
Ally Bank Roth IRA $0 $0 $0 Open
State Farm Roth IRA $0 $4.95 $0 Open
TIAA Cref Roth IRA $0 $0 $0 Open
USAA Roth IRA $0 $5.95 $0 Open
Vanguard Roth IRA $0 $7 $1,000 Open
Merrill Edge Roth IRA $0 $6.95 $25,000 Open
Wells Fargo Roth IRA $0 $8.95 $1,000 Open
PNC Bank Roth IRA $40 $9.99 $0 Open
Motif Investing Roth IRA $0 $9.95 $0 Open
JP Morgan Chase Roth IRA $0 $0 $0 Open
TD Ameritrade Roth IRA $0 $9.99 $0 Open
TradeKing Roth IRA $0 $4.95 $0 Open
Wings Financial Roth IRA $0 $0 $0 Open

Delaying Your Roth IRA 1 Year Can Cost You Thousands of Dollars

1 Year Graph of Roth IRA Delaying Effects

Putting off your retirement savings for even just 1 year can costs you thousands of dollars in the future. An extra year of compound interest could boost your IRA balance at retirement by thousands because the money had 365 more days to earn interest.

Not to mention any total gains you will earn on stocks, mutual funds, bonds, or annuities. Once you open your Roth Retirement account, you can choose the best Roth IRA stocks and funds based on your risk aversion and time horizon.

My Favorite Roth IRA Broker: TradeKing

Best Roth IRA Resources