Best place to set up an IRA?

Looking to set up a retirement account where I can contribute monthly as an individual. (I'm now self-employed and can no longer contribute to my old TIAA-CREF.) Suggestions?

I like Vanguard. Low fees , solid funds.

Vanguard, Fidelity or Schwaab

Do you work with someone, or just set up on your own?

Really depends in what you want to invest.  These links should be helpful to you:

http://money.usnews.com/money/blogs/on-retirement/2015/02/10/8-places-to-open-your-first-ira

http://www.thesimpledollar.com/best-ira-accounts/ 

Vanguard--great firm, low cost, do-it-yourself, keep it simple

Fidelity--Millburn office very helpful and can provide guidance as you set it up, reasonably low cost, nice array of funds

Schwab--Millburn office never very friendly in my experience, provides guidance with a snarl, reasonably low cost

TIAA-CREF--now sells to individuals outside of traditional employer-based market, but many shifts in strategy over the past decade or so.  Example: Hubster bought a new product targeting broad market only to discover after the product's year one that it was narrowly concentrated.   

Question for the recommenders of Vanguard & Fidelity - if the IRA is with one of those two, are the IRA investments then restricted to the respective family of funds they offer (i.e. if one sets up an IRA through Vanguard, is one then restricted from investing in Fidelity (and all other) funds)?

Thank you. Vanguard is offering both an IRA and an individual 401k: https://investor.vanguard.com/what-we-offer/small-business/compare-plans I am wondering what the difference is. 

One significant difference (per the table on the page you posted) is that with the SEP IRA, you may invest in ETFs and individual securities vs. the 401K where you are limited to Vanguard funds.

I personally would chose a firm with as wide (diverse) investment options as possible (like eTrade), especially if (highly unlikely but possible) something should happen to a Vanguard or Fidelity and all your investments are tied up in their funds.  My SEP IRA is with a general financial services firm so I can invest in over 17000 mutual funds offered by institutions (including Vanguard, T Rowe Price), individual stocks, etc.

deborahg said:

Thank you. Vanguard is offering both an IRA and an individual 401k: https://investor.vanguard.com/what-we-offer/small-business/compare-plans I am wondering what the difference is. 

krnl said:

Vanguard--great firm, low cost, do-it-yourself, keep it simple

Fidelity--Millburn office very helpful and can provide guidance as you set it up, reasonably low cost, nice array of funds

Schwab--Millburn office never very friendly in my experience, provides guidance with a snarl, reasonably low cost

TIAA-CREF--now sells to individuals outside of traditional employer-based market, but many shifts in strategy over the past decade or so.  Example: Hubster bought a new product targeting broad market only to discover after the product's year one that it was narrowly concentrated.   

That's interesting what you say about the Schwab Millburn office. That is exactly my experience (and Mrs. C's.)  I've had accounts at both Schwab and Fidelity for many years (30 at Schwab.) I really like the Fidelity Millburn office, and several months ago transferred some pretty large accounts to Fidelity. I want to be sure that when I'm not around anymore, Mrs. C is in good hands and I have the utmost confidence in Fidelity, plus they are a lot more pleasant.

A couple of points: First, you can set up a brokerage IRA account as opposed to a straight mutual fund account. That would enable you to buy mutual funds or individual equities. For example, you might have a brokerage account with Fidelity in which you have Fidelity funds, ABC company stock, etfs, or anything else. Second, if you're self-employed, keep in mind that you have choices: you can open a SEP IRA or a 401(k), and those can be either traditional or Roth. Compare features carefully before making your decision. (You can also have more than one--e.g., a Roth and a traditional--but there are limits re contributions.)

I've had personal experience with both Fidelity and Vanguard. Both are very good (and very competitive with each other). Note, too, that you can always move your retirement money from one custodian to another (via a trustee-to-trustee transfer) if for any reason you're not satisfied. But I don't think you can go wrong with either Fidelity or Vanguard. They're both top of the line outfits.

lanky said:

Question for the recommenders of Vanguard & Fidelity - if the IRA is with one of those two, are the IRA investments then restricted to the respective family of funds they offer (i.e. if one sets up an IRA through Vanguard, is one then restricted from investing in Fidelity (and all other) funds)?

Both Vanguard and Fidelity offer IRA and 401(k) plans (see my comments above). There are significant differences between IRA and 401(k) plans, such as the amount you can contribute and the amount of paperwork involved. IRAs are simpler, but 401(k) plans allow higher contributions. You may want to discuss the differences with your accountant and/or a Fidelity or Vanguard rep.

deborahg said:

Thank you. Vanguard is offering both an IRA and an individual 401k: https://investor.vanguard.com/what-we-offer/small-business/compare-plans I am wondering what the difference is. 

I believe SEP IRAs have maximums just as high any 401K.  SEP limit for 2016 is $53,000.  Hitting against the max is good problem to have, obviously...

unicorn33 said:

IRAs are simpler, but 401(k) plans allow higher contributions.

the individual 401k also allows deduction for nj as sep does not.  no fees at fidelity for the 401k

What does this mean for Fed tax purposes?

oots said:

the individual 401k also allows deduction for nj as sep does not.  no fees at fidelity for the 401k

But do you need a straight salary with deductions to do a 401k? I will call Vangaurd or Fidelity today...

nj deduct in addition to fed deduct.  nj deduct not avail for sep.

no salary (no corp)  you make payments labeled deferrals  (up to deferral max)  then can make company match if desired.

You may be right. I believe I was thinking of a Traditional IRA vs a 401(k). The Traditional has lower limits.

lanky said:

I believe SEP IRAs have maximums just as high any 401K.  SEP limit for 2016 is $53,000.  Hitting against the max is good problem to have, obviously...

unicorn33 said:

IRAs are simpler, but 401(k) plans allow higher contributions.

I believe it has to be earned income, of the sort for which you receive a W-2 (or a 1099). But best to verify that with a pro.

deborahg said:

But do you need a straight salary with deductions to do a 401k? I will call Vangaurd or Fidelity today...

We have a few set up with fidelity, and they are so helpful at the Millburn branch and on the phone. 

Like, I am a total idiot with regards to financial stuff (not numbers, but tax implications, etc.) and I've called the 800 number several times this year to ask questions and they go above and beyond. Extremely helpful. I guess considering we have a bit of $ there I should expect a decent level of service, but we all know it doesn't always work like that. 

Warren Buffett's 15-minute, 2-fund retirement plan:

http://www.msn.com/en-us/money/savingandinvesting/warren-buffetts-15-minute-2-fund-retirement-plan/ar-AAgqHXo?li=BBnb7Kz&ocid=mailsignout

I wish we had stuck with this plan.

I have a Uni401k with Ascensus. I'm allowed to contribute to both the employer and the employee side. For the employee side - the 2015 cap is $18K, For the employer, I think it's 30% and not to exceed a amount that escapes me. Also, if you're over 50, you're allowed catch up contributions on the employee side, IIRC of $5K per year.