The best individual retirement accounts are an important tool for individuals wishing to save for retirement.
The main advantage of these accounts is that they allow you to contribute more money than is normally allowed under a 401(k) plan.
This means that you can save more and have more money available to you in the future. This is especially helpful if you plan on retiring early or want some extra funds available for emergencies or other unforeseen expenses.
In this article, we have compiled a list to the best individual retirement account 2022. So, let’s start without further ado!
What are IRA Accounts
One of the best ways to save for retirement is by investing in an individual retirement account (IRA accounts).
An IRA doesn’t just give you tax benefits but also gives more flexibility than 401(k)s.
For example, if your company offers matching contributions, that money will go into a traditional 401k instead of being sent back to taxes as salary.
If you’re looking for a way to hold onto your investments without paying taxes, consider investing in IRA accounts.
This tax-advantaged account is great if the funds will be used specifically for retirement and can help preserve capital gains–but remember that any money taken out before then won’t enjoy those benefits.
IRAs are an excellent way to save for retirement and come with important benefits.
You can deduct your contribution from taxable income, which means that the more money put into this type of account will help reduce how much taxes owe when taken out later on down the road if needed or wanted very quickly.
How to Choose the Best Individual Retirement Accounts
Choosing the best ira accounts is much like choosing the best investments. You want to choose products with low fees, high returns, and a provider with your best interests at heart. It’s also important to know your options before you start investing.
Here are some things to consider before choosing the best ira accounts:
Set Your Goals
Before you start looking at ira accounts, it’s important to set your goals. This will help guide your decision-making and ultimately lead you to the right investment vehicle. Set your goals by answering these questions:
· What is my current financial situation?
· What is my retirement planning?
· How much risk am I willing to take on?
· What is my investment time horizon?
· What are my investment options?
Answering these questions will help you plan for your retirement goals. Be sure to assess how much money you have saved, how much debt you’ve accumulated over the years, and what type of income streams will support your spending needs after retirement (e.g., Social Security benefits).
Start Early and Invest Aggressively
You should start investing for retirement as early as possible.
The earlier you start socially responsible investing, the more time your money will have to grow in value.
For example, if you put away $5 a day starting at age 25 and continue to invest that amount each day until age 65, that would be $42,755 after 40 years (assuming a 6% annual return).
If you wait until age 35 to start saving up your five dollars a day and invest this money until age 65, your account would only hold $28,070 — a difference of almost $14k!
That’s why it’s important to consider how much money you can afford to invest on an ongoing basis. Consider how much extra income you might receive from raises or bonuses during different stages of life.
Choose a Roth IRA
A Roth IRA is one of the retirement account types that allows you to save money for your retirement with tax-free earnings.
This means that if you make $4,000 in contributions and invest them in the stock market, you won’t pay any income taxes on any capital gains or dividends because they were made with pre-tax dollars.
The benefit of this is obvious!
You don’t miss out on any potential growth because you didn’t force yourself to pay taxes at a time when those earnings could have been reinvested into your portfolio.
But there’s another reason why Roth IRA contributions are great — you can withdraw your contributions at any point without penalty and then wait until age 59.5 before withdrawing distributions from all other sources (they’re considered “earnings” in this case).
401(k) Plan
It could be the best deal around if you have access to a 401(k) plan through your employer.
“It can be challenging to compare IRAs and 401(k) plans because they’re very different,” Jeffrey Levine, CFA and CFP at Ed Slott & Co. help people with their retirement accounts. “But when it comes to costs and features, there is no comparison.”
That’s because 401(k) plans are employer-sponsored plans that offer employees several benefits. They typically allow for larger contributions than IRAs; a match essentially gives you free money from your employer, and the fees tend to be lower than those from IRA providers such as mutual funds or stock exchanges.
Consider a Health Savings Account
If you have high health insurance costs, a health savings account can be a good option for your retirement account. An HSA allows you to save for future medical expenses and pay for them tax-free.
HSA contributions are tax deductible up to the limits set by law each year. You can withdraw your contributions without penalty, though taxes will be on any gain in the value of those assets if they’re withdrawn as income before age 65.
Suppose you use the money in an HSA to pay qualified medical expenses (including most health insurance premiums). In that case, there are no additional taxes or penalties when you use it that way—even if you don’t retire until age 80 or 90!
Traditional IRA Account for Older People
In case you aren’t familiar with myRA, it’s a government-sponsored retirement account that offers a low-cost alternative to traditional IRAs.
It’s designed for individuals who don’t have access to employer-sponsored plans like 401k plans or 403b plans.
If you’re older and not working, myRA is a good option because it allows you to contribute up to $5,500 per year in after-tax income (or your employer may make contributions on your behalf).
You can invest in government-issued securities with no annual fee and no minimum investment requirements.
Note:
The best part of this account is that there are no penalties if you withdraw before age 59½.
Research Before Investing
You have many options for investing for retirement, but be sure to do your research first. You will want to know your options and what you want to achieve with these investments. You should also understand the risks of each type of investment before selecting the one that’s right for you.
To choose the best retirement account, it’s important to consider what kind of investor you are, how much risk tolerance and time horizon a person has, and their tax situation (especially if they’re in a high-tax state).
Best Individual Retirement Account
For your feasibility, we have assembled the following best traditional ira accounts 2022 for a better retirement planning, so let’s dive right into it:
Augusta
Stuart’s Take
Augusta Precious Metals is a leading online dealer of gold, silver, platinum, and other precious metals. With a commitment to providing excellent customer service and competitive pricing, Augusta has quickly become a trusted source for investors looking to add precious metals to their portfolios.
| Best For | Diverse Investment |
| Price | N/A |
| Annual Discount | Yes |
| Promotion | Yes |
The Augusta IRA is a new investment option that allows investors to diversify their retirement savings. It’s designed to offer investors a new way to manage their retirement savings. The investment option is a diversified portfolio of mutual funds.
The Augusta IRA is only available for self-directed IRAs, and you will continue to receive statements on your holdings from your IRA’s custodian or trustee.
This product is managed by an automated system, which allows the investor to invest in mutual funds portfolios that self-adjust over time based on market conditions and risk tolerance.
A mutual fund is a managed investment, meaning that it’s invested by one person or a team of people for you.
This person or team will determine what stocks, bonds, and other assets are bought to grow the value of your money.
Key Features:
- Easy setup of account.
- Competitive pricing of gold and silver bullions.
- Transparent fee structure.
- No sales commission.
- A streamlined approach that starts with educating the client.
- Excellent reviews.
- Lifetime customer support of dedicated and expert specialists.
Mutual funds are very similar to ETFs (exchange-traded funds) in that they both hold multiple securities in one security.
The main difference between these two types of investments is that mutual funds can be actively managed while mutual funds, stock and ETF are passively managed.
If you’re unsure how to invest your money or starting in the investing world, Augusta offers nine portfolios with varying degrees of risk.
Once you select a portfolio based on your risk tolerance, age, time horizon, and goals, a custom mix of investments will be selected for you.
The portfolios range from conservative to aggressive and are designed to accommodate investors at all levels.
User Experience:
Investors can include the Lifecycle Portfolio, which adjusts its asset allocation over time as the investor gets closer to their retirement date and age.
This is designed to make it easier for investors to reach their retirement goals by helping them manage risk and make appropriate adjustments based on market conditions.
As we’ve seen, the Augusta IRA offers a unique way to invest your retirement savings. This product is only available for self-directed IRAs, and you will continue to receive statements on your holdings from your IRA’s custodian or trustee.
The annual account fees is part of an ongoing fee that investors pay each year, which differs by portfolio type.
Pricing:
Agusta offers more than 5 plans:
- American Silver Eagle 1oz – In this plan, Agusta is offering Silver Content – 1 oz, Gross Weight – 31.101 g, Composition – 99.93% silver, 0.07% copper, Coin Diameter – 1.598 in. (40.6 mm), Thickness – 2.98 mm, Mint Dates – 1986 to present.
- Gold American Eagle 1oz – Gold Content – 1 oz. (31.1035 g), Gross Weight – 1.0909 oz. (33.930 g), Composition – 91.67% gold, 3% silver, 5.33% copper, Coin Diameter – 1.287 in. (32.70 mm), Thickness – 0.113 in. (2.87 mm), Mint Dates – 1986 to present
- Canadian Silver Maple Leaf 1oz – Silver Content – 0.9999 oz., Gross Weight – 31.1000 g, Composition – 99.99% silver, Coin Diameter – 37.97 mm, Thickness – 3.18 mm, Mint Dates – 1988 to present
- Gold Canadian Maple Leaf 1oz – Gold Content – 1 troy oz, Gross Weight – 1 troy oz, Denomination – $50, Composition – .9999, Coin Diameter – 1.181 in. (30 mm),, Thickness – 0.107 in. (2.73 mm), Mint Dates – 1979 to present, Mint Mark – Not Shown
- America The Beautiful – 5oz Fort Moultrie – Brilliant Uncirculated, Silver Content – 5 oz, .999 Fine Silver, IRA Eligible, Coin Diameter – 76.2 mm
What I Like/Dislike About Augusta:
Likes:
- Lifetime support
- Priority on education
- Free 1-on-1 webinar
Dislikes:
- $50,000 minimum
- High markup on premium coins
Goldco
Stuart’s Take
Goldco Precious Metals is a leading precious metals investment firm that offers a wide range of products and services to help individuals diversify and protect their wealth. With over 10 years of experience in the industry, Goldco has built a reputation for providing high-quality products, exceptional customer service, and expert guidance to help investors make informed decisions about their precious metals investments. Whether you’re a seasoned investor or just starting out, Goldco has the expertise and knowledge to help you reach your financial goals.
| Best For | Wide Range IRA |
| Price | N/A |
| Annual Discount | Yes |
| Promotion | Yes |
Goldco is an IRA provider that offers a wide range of services, including precious metals IRAs, IRA rollovers, and more.
The company offers various products and services, such as gold bars, coins, and IRA storage accounts.
Goldco offers a full range of solutions to help you invest or roll over your 401(k) or another retirement account into precious metals.
Key Features:
- Provision of Gold & Silver IRAs
- Professional Assistance For 401(k) Rollover
- Provision of Self Storage Gold IRAs to clients
- Selling Non-IRA precious metals and bullion coins and bars
- Buying back gold and silver bullion, coins, and bars purchased through their services
oldco’s IRA programs are unique in that they allow for the purchase and storage of both bullion and numismatic coins at no additional cost to the customer.
The company even allows its customers to store their gold and silver with third-party companies like Brinks, Via Mat International, or APMEX.
Therefore, if you’re looking for peace of mind in knowing that your metal is somewhere safe but don’t want to be bothered by storing it yourself, Goldco will do all the heavy lifting for you!
In addition to the account fee, a transaction fee of $15.00 for each trade results in a change in holdings.
This means that if you sell an investment or purchase a new one, a transaction fee will be associated with it.
User Experience:
The Goldco IRA Product allows you to make trades from your computer or mobile device and through brokers—the choice is yours!
And unlike other companies, there are no additional fees for using your computer or mobile device; only traditional broker commissions apply (the standard commission rate at Fidelity Investments).
In addition, the company charges no fees on any withdrawals or deposits that you make into your Goldco IRA—they’re all free of charge!
Your first transfer is free, but additional transfers will cost half the regular price over 12 months.
If you’re looking to take advantage of this offer and transfer funds to your Goldco IRA from another institution, you’re in luck—the fee is waived if you transfer funds to a Goldco account from an outside account.
If you are new to investing, it’s important to consider the fees brokers charge. Paying too much in account service fees can eat away at your returns—and even cause you to lose money over time.
It’s important to understand that there are different broker-assisted accounts, each with different pros and cons. For example, some brokers offer commission-free products while others charge commissions on every trade (though they may have better pricing).
Plans:
Goldco offers more than 3 plans:
- Single or Head of Household – Goldco is offering $65,000 or less, More than $65,000 but less than $75,000, and $75,000 or more, a full deduction up to the amount of your contribution limit, a partial deduction, no deduction.
- Married Filing Jointly or Qualifying Widow(er) – Goldco is offering $104,000 or less, More than $104,000 but less than $124,000, $124,000 or more, a full deduction up to the amount of your contribution limit, a partial deduction, no deduction.
- Married Filing Seperately – Less than $10,000, $10,000, more than $10,000, a partial deduction, no deduction.
What I Like/Dislike About Goldco:
Likes:
- First-year fee waived off
- High buyback offer prices
- 15+ years of experience with precious metals IRA rollovers
- Streamlined account set up
- Expert help every step of the way
- Ability to diversify your accounts
- Easy access to both your account and support through multiple devices
- A trusted BBB company
- Free retirement resources, and bonuses for new clients
Dislkes:
- Minimum investment required for IRA’s is $25,000
- No opportunity to invest in other types of precious metals like palladium or platinum.
- Prices available to the public for different precious metals are not available
- Stiff competition when it comes to minimum investment prices
- Storage fees may not be idea
Bitcoin IRA
Stuart’s Take
Bitcoin IRA is a unique investment option that allows individuals to securely invest in the digital currency, Bitcoin, within their retirement accounts. This investment vehicle offers the potential for significant growth and diversification of retirement savings, as well as the added benefits of tax-deferred growth and potential tax advantages. Whether you are a seasoned investor or new to the world of cryptocurrency, a Bitcoin IRA can provide a valuable addition to your retirement portfolio.
| Best For | Digital Currency |
| Price | N/A |
| Annual Discount | Yes |
| Promotion | Yes |
Bitcoin IRA’s team of financial experts has created an investment platform that enables individuals to invest in cryptocurrencies like Bitcoin in their retirement accounts.
For those who want to invest in cryptocurrencies but don’t want to manage their investments, Bitcoin IRA offers managed investment options.
Stocks, bonds, and commodities are among the assets you can invest in with these professionally-managed mutual funds.
Key Features:
- Tax-deferred crypto investing
- Gold investing
- Full-service IRA rollover
It is clear from the number of companies that have emerged in recent years to facilitate the opening of a Bitcoin IRA that many people are interested in investing in cryptocurrencies such as bitcoin.
However, there are also several challenges associated with this type of investment because it requires setting up an LLC or trust for some states and a custodian who can hold the digital currency on behalf of clients.
You can invest in mining contracts with the Crypto IRA product or choose from a range of fully insured cryptocurrency wallets to safely store your assets.
You can also invest in other assets like stocks and mutual funds and cryptocurrencies like Bitcoin, Ethereum, and Ripple.
Bitcoin IRA provides retirement accounts for traditional assets like stocks and mutual funds.
They offer flexibility regarding taxes, fees, and costs associated with investment decisions. It’s easy to get started with just two forms!
The minimum investment is $3,000, which is higher than other comparable products. For example, the minimum investment at M1 Finance is only $500, and at Betterment, it’s only $500 for their in-house stock and ETF.
User Experience:
The custodial account allows for direct custody of bitcoin by a third party, whereas experts manage the lifecycle funds on your behalf.
There are no additional fees for either type of account other than what you pay to purchase bitcoins from Coinbase or Gemini—$9 per trade plus 0%–1% depending upon whether you’re placing a limit order or market order (with limits being free).
If you’re setting up a self-directed IRA through Bitcoin IRA, the setup fee is a flat rate based on the size of each account.
Plans:
Bitcoin IRA offers more then 6 plans:
- BitcoinBTC
- EthereumETH
- LitecoinLTC
- Bitcoin CashBCH
- Stellar LumensXLM
- ZcashZEC
What I Like/Dislike About Bitcoin IRA:
Likes:
- Large selection of cryptocurrencies
- U.S. regulated
- Educational content
Dislikes:
- Expensive fees
- Lack of fee transparency
- No crypto deposits
FX Primus
Stuart’s Take
FX Primus is a leading online forex and CFD broker that offers a comprehensive range of trading tools and services to traders of all levels. With its advanced trading platform, competitive spreads, and extensive range of assets, FX Primus is the ideal choice for traders looking to capitalize on the global markets. Additionally, the broker provides educational resources and 24/5 customer support to help traders succeed in the world of online trading.
| Best For | CFD Broker |
| Price | N/A |
| Annual Discount | Yes |
| Promotion | Yes |
FX Primus IRA is an online broker based in California. The company helps clients manage their retirement funds.
It is a full-service brokerage firm with an extensive selection of investment options. FX Rimus IRA has an online trading platform and mobile app available to brokerage accounts holders. Those using FX Rimus IRA can consult both online tools and human advisors.
Key Features:
- Tight spreads
- Wide range of assets
- Fast and free withdrawals
- Great customer support
FX Rimus IRA also offers a mobile app and online trading platform for investors who prefer to trade on their smartphone or tablet instead of logging into the desktop version of their accounts.
The company provides human advisors for customers who don’t feel confident making trades without guidance from an expert investor; these advisors can be reached via email or phone anytime during market hours.
FX Rimus IRA’s account minimum is lower than many other brokers, i.e., $500 or less, based on your chosen plan (and there are no fees).
User Experience:
It is a full-service brokerage company that offers individual retirement accounts (IRAs). Their IRA services include:
● Investment management
● Retirement planning
FX Rimus IRA has an online trading platform and mobile app available to brokerage accounts holders.
The company offers a competitive commission structure, low margin rates, and no transaction fees on some investments.
Customer service is available via phone or email 24 hours a day, seven days a week.
The FX Rimus IRA mobile app allows you to access your trading account anywhere, anytime.
The app is similar to its website counterpart but has a mobile interface.
The FX Rimus IRA mobile app allows you to access your brokerage account anywhere, anytime.
The app is similar to its website counterpart but has a mobile interface. You can place trades, check market data and news streams, read company fundamentals, watch videos about different assets or even sell your holdings through this platform if necessary.
Plans:
FX Primus offers more than 5 plans:
- PrimusCENT – USD, ~1.5 Pips, Commission 0, Leverage Up To 1:1000
- PrimusCLASSIC – USD, EUR, GBP, SGD & PLN, Starting from 1.5 Pips, Commission 0, Leverage Up To 1:1000
- PrimusPRO – USD, EUR, GBP, SGD & PLNc, Starting from 0.3 Pips, Commission $8 (MT5) | $10 (MT4), Leverage Up To 1:500
- PrimusZERO – USD, EUR, GBP, Starting from O Pips, Commission $5, Leverage Up To 1:500
- PrimusDEMO – USD, EUR, GBP, Starting from 1.5 Pips, Commission 0, Leverage Up To up to 1:1000
What I Like/Dislike About FX Primus:
Likes:
- Tight spreads
- Wide range of assets
- Fast and free withdrawals
- Great customer support
Dislikes:
- High commission
- Limited education
- Limited market analysis
Fidelity IRA
Stuart’s Take
A Fidelity IRA is a type of individual retirement account (IRA) offered by Fidelity Investments. An IRA is a way for individuals to save for retirement and potentially receive tax benefits. With a Fidelity IRA, individuals can choose from a range of investment options, such as stocks, bonds, mutual funds, and ETFs, to build a diversified retirement portfolio. Fidelity offers both traditional and Roth IRA options, and individuals can contribute up to $6,000 per year (or $7,000 if they are over the age of 50). By choosing a Fidelity IRA, individuals can take advantage of Fidelity’s expertise in the investment industry and access to a wide range of investment options.
| Best For | Expertise |
| Price | N/A |
| Annual Discount | Yes |
| Promotion | Yes |
Fidelity Investments is a top online broker that offers low-cost investments and access to human, financial advisors.
The company has been in business for more than 60 years, and it’s one of the largest providers of IRAs in the nation.
Fidelity offers both traditional IRAs and Roth IRAs, as well as no-fee IRA options for certain types of investors.
Key Features:
- Low costs
- Great trade executions
- Excellent research and asset screeners
Fidelity Investments is widely considered one of the best online brokers, providing almost every investment vehicle available.
With over 1,500 mutual funds and ETFs offered by Fidelity, investors have plenty of options when choosing a fund to invest in.
If you’re looking to open an IRA account, you can do so with or without the help of a financial advisor.
If you have a lot of money to invest, it might be worth your while to speak with someone who can help guide your decision-making process.
However, if you’re just getting started and don’t think that this is something that will become important in your life anytime soon (or ever), then it’s probably not worth spending money on.
A basic Fidelity IRA account costs $7 per trade and has no minimum deposit requirement; however, other brokerage account types are available for investors who would prefer other features such as check writing privileges or additional investment options.
User Experience:
They let you invest your money and grow it tax deferred. When you retire, however, withdrawals from the brokerage account are taxed as ordinary income.
You contribute after-tax dollars (income already taxed), but withdrawals come tax-free at retirement age.
A Roth IRAs are special retirement accounts that allow you to put money aside and withdraw it tax-free.
The key difference between a Roth IRA and other retirement accounts is that you fund your Roth IRAs with after-tax dollars, meaning your contributions are not deducted from your paycheck.
This means that when you take money out of your account in retirement, it will be taxed as ordinary income in whatever year you retire.
There are no account minimums required to open a Fidelity IRA. This means that you can start investing and growing your retirement savings immediately without waiting until you have enough money saved up.
Pricing:
Hostinger offers three pricing plans:
- Single Web Hosting – $1.99 per month (1 website, 50 GB storage, 100 GB bandwidth) Renewal at $3.99 per month.
- Premium Web Hosting – $2.49 per month (100 websites, 100 GB storage, Unlimited bandwidth) Renewal at $6.99 per month.
- Business Web Hosting – $3.99 per month (100 websites, 200 GB storage, Unlimited bandwidth) Renewal at $8.99 per month.
What I Like/Dislike About Fidelity IRA:
Likes:
- Great trade executions
- Excellent research and asset screeners
- Extensive educational content
- Top-notch portfolio analysis tools and calculators
Dislikes:
- No access to futures, commodities, or crypto trading
- Accounts are restricted to the U.S. and main island residents
- High broker-assisted trading fees
- Options fees higher than competitors
Wealthfront IRA
Stuart’s Take
Wealthfront is an online financial services company that offers individual retirement accounts (IRAs) as a part of its investment platform. Wealthfront IRA is an account that allows individuals to save for retirement in a tax-advantaged manner. It offers a variety of investment options, including index-based ETFs, as well as automatic rebalancing and tax-loss harvesting to help grow your retirement savings. Additionally, Wealthfront IRA has low fees and a user-friendly interface that makes it easy to manage your retirement savings.
| Best For | Low Fees |
| Price | N/A |
| Annual Discount | Yes |
| Promotion | Yes |
Wealthfront is a Robo advisor that helps you invest in your retirement.
Unlike traditional financial advisors, robo advisor uses algorithms to determine what stocks to buy for your portfolio.
It also monitors your portfolio daily and adjusts as needed. Here’s everything you need to know about opening a brokerage account with Wealthfront.
Key Features:
- Wealthfront’s sophisticated digital financial planning tool answers scores of planning questions and is accessible to anyone.
- Cash accounts offer up to $2 million FDIC insurance.
- Wealthfront now offers Classic, Socially Responsible, Direct Indexing and customized portfolios.
- The highly regarded mobile app is on par with the desktop version in terms of functionality and ease of use
Wealthfront is a registered investment advisor approved by the SEC and FINRA as an investment advisor.
State securities regulators also regulate them across the country.
These regulations ensure that your funds are safe and secure with Robo advisor.
If you have an IRA, Wealthfront can be used for that account. If you don’t have an IRA but want to use it to invest in stocks and bonds, you can use Robo advisor in a taxable account. Robo advisor is also compatible with 401(k)s.
In addition to exchange-traded funds (ETFs), Wealthfront enables you to incorporate index funds and cryptocurrency trusts into your investment portfolio. Aside from Grayscale Bitcoin Trust (GBTC), it also provides Grayscale Ethereum Trust (ETHE). In addition, the Robo advisor makes options available for tax-loss harvesting, tax-loss harvesting at the stock level, and several additional tactics.
User Experience:
To open an account with Wealthfront, you must deposit a minimum of $500, and the company also takes an annual account fees of 0.25 percent. However, the investment selection provided by the Robo advisor is superior for customers who desire access to a wider variety of investment kinds, including cryptocurrency.
Pricing:
Hostinger offers three pricing plans:
- Single Web Hosting – $1.99 per month (1 website, 50 GB storage, 100 GB bandwidth) Renewal at $3.99 per month.
- Premium Web Hosting – $2.49 per month (100 websites, 100 GB storage, Unlimited bandwidth) Renewal at $6.99 per month.
- Business Web Hosting – $3.99 per month (100 websites, 200 GB storage, Unlimited bandwidth) Renewal at $8.99 per month.
What I Like/Dislike About Wealthfront IRA:
Likes:
- Customize portfolio with ETFs and cryptocurrency funds
- Direct stock indexing for larger accounts-$100,000 minimum
- Free digital financial planning tool on a par with human planners
- Daily tax-loss harvesting
- 529 accounts available
Dislikes:
- No human financial advisors
- Difficult to connect with a live product specialist
- No online chat
Betterment IRA
Stuart’s Take
Betterment IRA is a popular online platform that offers a range of IRA options for investors who are looking to save for retirement. With Betterment IRA, you can easily set up and manage your IRA account online, with access to a range of investment options and personalized advice from financial experts. Betterment IRA is a great choice for investors who are looking for a convenient and low-cost way to grow their retirement savings.
| Best For | Management IRA |
| Price | N/A |
| Annual Discount | Yes |
| Promotion | Yes |
Betterment is one of the most well-known online investment platforms for individual investors.
Founded in 2008, Betterment focuses on helping customers achieve their long-term financial goals by automating their portfolio management with a goal-based approach to investing.
Key Features:
- Portfolio choices include Core, Goldman Sachs Smart Beta, and BlackRock Target Income.
- Betterment allows you to create multiple goals and see average and worst-case scenario returns to make your financial planning straightforward.
- Investment portfolios are designed to outperform over the long term, due to value and small-cap bent.
- Betterment syncs data from outside accounts for more accurate investment management.
Betterment offers traditional and Roth IRAs options with no minimum balance requirements, automatic rebalancing, and low fees.
If your goal is long-term savings using mostly stocks and bonds, then this is an option you should consider.
Betterment is an online investment account that uses goals-based investing to help you save for retirement.
It’s a good choice for long-term investors who want low fees, tax-advantaged accounts, and the ability to invest with a hands-off approach.
Betterment’s target date funds have one of the highest risk-adjusted returns in the industry.
Their target date funds are low-cost and have been managed by Betterment’s investment team since inception.
Betterment has no minimum balance requirements, and its fees are low no matter what investor you are.
For example, if your annual income is $75,000 or less and you want to get started investing with Betterment for free with just a few hundred dollars in your account, go for it!
If you have $10 million or more in assets to invest with them, great!
You’ll still pay only 0.15% per year on assets under management (AUM), which is lower than most of their competitors.
User Experience:
If your goal is long-term savings using mostly stocks, Betterment’s unique approach to asset allocation may be right for you.
Betterment uses a goals-based approach rather than having the investor choose a specific portfolio.
This means that a person’s portfolio will change based on their future needs.
For example, if someone knows they will need $X when they retire and want to invest in stock funds, the system can consider how long it will be until retirement and adjust the percentage of stocks accordingly.
This differs from traditional target date funds, which have one fund with different percentages of stocks/bonds/cash depending on when investors plan on retiring.
Betterment also allows investors more flexibility by allowing them to change these allocations whenever they want instead of locking themselves into one type of fund for years, as many other companies do.
Pricing:
Hostinger offers three pricing plans:
- Single Web Hosting – $1.99 per month (1 website, 50 GB storage, 100 GB bandwidth) Renewal at $3.99 per month.
- Premium Web Hosting – $2.49 per month (100 websites, 100 GB storage, Unlimited bandwidth) Renewal at $6.99 per month.
- Business Web Hosting – $3.99 per month (100 websites, 200 GB storage, Unlimited bandwidth) Renewal at $8.99 per month.
What I Like/Dislike About Betterment IRA:
Likes:
- Easily set up multiple goals and track progress
- Portfolios are adjusted to accommodate users’ changing goals and risk tolerance
- Three distinct SRI portfolios
- $0 account minimum, $10 investment to start
- Tax-loss harvesting available for all customers
Dislikes:
- No margin or borrowing
- No REITs exposure in Core portfolios
- No weekend live customer service
- Must create an account before viewing your specific portfolio
- Premium plan requires $100,000
Merrill Edge IRA
Stuart’s Take
Merrill Edge IRA is a retirement savings account offered by Bank of America’s Merrill Edge brokerage. It allows individuals to save for their retirement and enjoy tax benefits on their contributions and earnings. With a wide range of investment options and personalized guidance from Merrill Edge financial advisors, investors can create a tailored retirement plan to suit their needs and goals. Additionally, the account offers competitive fees and easy access to online tools and resources for managing and tracking your investments.
| Best For | Competitive Fees |
| Price | N/A |
| Annual Discount | Yes |
| Promotion | Yes |
Merrill Edge IRA is a financial institution offering IRAs and other investment products.
The company is registered as a financial advisor, meaning it has the legal authority to provide investment advice.
Merrill Edge IRA is also a subsidiary of Bank of America, one of the largest banks in the United States.
Key Features:
- Merrill no longer publishes its margin interest figures. Customers are encouraged to contact a representative for more information.
- No fees for inactivity, sending checks, or paper statements and trade confirmations.
- Sending a wire is $24.95 (domestic and international)
- There is a $49.95 fee for fully transferring an account out. No fee for partial transfers.
- Account closure fee is $49.95 for retirement accounts.
- Broker-assisted trades are $29.95 per trade.
It is available as a Traditional IRAs or Roth IRAs, with the ability to invest in stocks, bonds, mutual funds, and other investments and transaction fee mutual funds.
It has no minimum contribution requirements and no annual account fees with less than $10,000 invested.
The Merrill Edge IRA allows you to make contributions via a bank transfer from your existing checking account or by transferring money from another bank account into an existing Merrill Edge investment account (or opening one).
User Experience:
Merrill Edge IRA is one of the best investment choices for people who want to invest for retirement but don’t want to manage their investments.
The minimum investment amount is low, and you can access financial advisors.
It has a great mobile app.
The Merrill Edge IRA app allows you to check your balance, make transfers and deposits, trade stocks, and do much more wherever you are by using your smartphone or tablet.
It also has a good website with all of the information you need in one place. You can view your account details, make trades through their web-based platform (or on mobile), check market data, talk with customer service representatives via live chat or phone call—the list goes on!
Robo advisor and financial advisors are unavailable through Merrill Edge, so you cannot set up your portfolio according to your goals or risk tolerance.
Pricing:
Hostinger offers three pricing plans:
- Single Web Hosting – $1.99 per month (1 website, 50 GB storage, 100 GB bandwidth) Renewal at $3.99 per month.
- Premium Web Hosting – $2.49 per month (100 websites, 100 GB storage, Unlimited bandwidth) Renewal at $6.99 per month.
- Business Web Hosting – $3.99 per month (100 websites, 200 GB storage, Unlimited bandwidth) Renewal at $8.99 per month.
What I Like/Dislike About Merrill Edge IRA:
Likes:
- Integrated with Bank of America
- Robust proprietary and third-party research
- No fees and no minimums for self-directed accounts
Dislikes:
- Narrow product line-up
- Limited platform capabilities
SoFi Automated Investing
Stuart’s Take
SoFi Automated Investing is a revolutionary new platform that helps individuals invest their money with confidence and ease. With its advanced algorithms and personalized approach, SoFi Automated Investing takes the guesswork out of investing, providing users with a personalized investment plan that is tailored to their individual goals and risk tolerance. With no minimum investment required and low fees, SoFi Automated Investing makes it easy and affordable for anyone to start investing and build their financial future. Whether you are a beginner or an experienced investor, SoFi Automated Investing has something to offer everyone.
| Best For | Automation |
| Price | N/A |
| Annual Discount | Yes |
| Promotion | Yes |
SoFi Automated Investing is a new product from SoFi and is currently in beta. It’s designed for investors who want to take advantage of automated investing but don’t want to pay high fees.
SoFi Investing uses a risk-based strategy to invest your money automatically. Depending on your risk tolerance and goals (e.g., retirement), you can choose between a conservative portfolio or an aggressive one.
Key Features:
- Beginning and younger investors.
- Hands-off investors.
- Investors who need financial planning guidance.
- Cost-conscious investors.
- Users with low balances
The portfolios are built using SoFi’s investment platform, which has been tested by third parties like Morningstar and S&P Dow Jones Indices LLC as being “comparable” in performance with other Robo advisors like Betterment and Wealthfront.
There’s no minimum balance requirement for SoFi Automated Investing at this time; you only need $100 or more to open up an account.
User Experience:
It is a low-cost, automated investing service that lets you invest in a portfolio of ETFs or mutual funds for as little as $2 per month.
With this, you can invest your funds automatically into one of its target-date retirement funds using only $100 per month.
Because of its low cost, it may appeal to you if you’re looking for a low-cost way to automate your investments.
SoFi is one of the best investment choices for those who want to invest hands-off. It’s ideal for investors who don’t want to spend much time managing their investments but still want to keep costs low and diversify their portfolios.
The service automatically rebalances your portfolio at set intervals (once per quarter or once per year), although you can adjust your asset allocation manually at any time.
Pricing:
Hostinger offers three pricing plans:
- Single Web Hosting – $1.99 per month (1 website, 50 GB storage, 100 GB bandwidth) Renewal at $3.99 per month.
- Premium Web Hosting – $2.49 per month (100 websites, 100 GB storage, Unlimited bandwidth) Renewal at $6.99 per month.
- Business Web Hosting – $3.99 per month (100 websites, 200 GB storage, Unlimited bandwidth) Renewal at $8.99 per month.
What I Like/Dislike About SoFi Automated Investing:
Likes:
- No annual advisory fee
- Access to financial advisors at no additional cost
- You only need $1 to get started
Dislikes:
- SoFi has a very limited track record as an investment firm
- Your portfolio will include higher-cost SoFi exchange-traded funds
- No tax-loss harvesting
Am I Eligible to Save Tax with an IRA?
You can save yourself from tax with individual retirement accounts (IRAs). IRAs are a type of retirement account that allows you to save money for your retirement and not pay taxes on that money until you withdraw it.
You can open an IRA at any bank or credit union, and many employers offer them as a benefit to employees.
Some types of IRAs restrict how much you can put in each year, but others allow you to contribute as much as $6,000 per year (or more if you’re over 50 years old).
The contributions are made with after-tax dollars, but they grow tax-free until you withdraw them. When withdrawn after age 59½, they’ll be taxed as ordinary income at your current rate.
Retirement Savings – How Easily Can I Access My Money?
You can easily access your money with an IRA account.
The IRS allows you to withdraw money from your IRA account before retirement, but there are some penalties.
You must pay taxes on any money you take out before age 59 1/2, and then you will be charged a 10% penalty on top of that tax amount.
If the money is used for medical expenses, college tuition, a first home purchase, or disability, there are no penalties for taking it out early.
Note:
It’s important to note that there is no limit on how much money you can withdraw each year if it’s going toward one of these specific purposes.
Still, if it’s not going toward one of these things and you’re under 59 1/2 years old, there will be penalties for taking out early.
Conclusion
As you can see, many different types of IRAs and 401(k) retirement plan can help you achieve your financial goals.
These products are especially useful for people just starting to invest for retirement. Still, even experienced investors could benefit from looking into new investment choices that meet their needs better.
We hope this article has given you some ideas about which type of the best ira accounts might work best for your situation!