How to Set Up you Retirement Account

Do you remember setting up your bank account?  We set up one a few years ago for our rental property, and it was so simple.  All of our kids were with us, and it took maybe 5 minutes at the most.  Well, you adult you, it's time to set up an investment account for your retirement!  Yay!  Many people hesitate setting up this account.  It is like that dog down the street that barks in the front yard, and all the kids run to the other side of the street to avoid this loud "mean" dog, but really he is so sweet, he just wants a pat on the head and some love!   So approach that dog who seems so loud and scary, and give him a nice scratch on the head, and I'm sure he'll slobber all over your face. It's the same with investments - exactly (minus the dog drool).

Even though investing seems scary, risky, and just not what you are interested in, just like that dog with the mean bark, I'll get you to where you will like it enough to want to keep tabs on things and give that dog a snuggle!  In order to set up your retirement account, you'll need to find that big scary brokerage firm you like best.  Nerdwallet has a great list of their top firms for 2020.  I've only seen the interface on two of the companies platforms, and they were fairly comparable.  The nice thing about these brokerages, is if you really don't like their interface or platform, it is very easy to switch to a different firm - so you are not stuck with the one you initially choose.  

We personally have Fidelity for all our retirement accounts.  It was the brokerage my work deposited my 401(k) into, so we stuck with it, and it has worked really well for us.  Their interface is fairly straight forward, and it easy to buy and sell on their website.  I've also seen TD Ameritrade, and their website and interface is very easy to use.  I did see one review that said TD was the easiest to use of all the different brokerage firms.

So find that brokerage firm that is right for you, go to their website, and set up a retirement account.  You can choose between many different types, I would suggest a Roth IRA first since it is the easiest account to withdraw from if you need it.  You can add accounts, transfer accounts, and do all that good stuff right in their interface.  Once you get to this point and you have the money transferred over from your bank, you are ready to give that mean looking a dog a nice pat on the head.  You're not headed to vegas to gamble, and if you wanted to make that metaphor, you are the house, so your chances of winning are a whole lot more than going to Vegas!

Which Brokerage did you chose?  Find me @road2more on all platforms - I'd love to hear your experience!