[–]aahhii 4 points5 points6 points 6 years ago (1 child). Chase Bank adviser told me I have to pay 4.5% for a Roth IRA. Please contact the moderators of this subreddit if you have any questions or concerns. I'm a Chase bank customer and they asked me if I wanted to talk to an investing expert for free. The money is post tax so you pay income tax at your current income tax … I'd like to save more, but I'm over the income limit for a direct Roth IRA contribution, so I'm going to begin making after-tax contributions from my paycheck and rolling it to a Roth IRA. You might also benefit from this common topic: "I have $X, what should I do with it?". Megabackdoor to Chase Roth IRA: 0 commission investing and other benefits. Vangaurd and Schwab are good if you want to manage your own funds. One price, no hidden management fees. Here’s EXACTLY how you can become a Tax Free Millionaire by opening up and investing within a Roth IRA in 2019 - Enjoy! See which accounts rank as the best. Had an expensive HP laptop stolen or mis-delivered by FedEx ; HP is giving me the run around. They sell you shit they don't need and are simply trying to make the most off each customer. Something like HLEIX. Chase offers 21 cards, each catered to different interests like small businesses or cash back rewards. College loan payments are going to end me. The perfect response. Roth IRAs are a post tax retirement account. When you open a Chase You Invest using the link below you can earn up to a $725 bonus. Get an ad-free experience with special benefits, and directly support Reddit. Oct. 29, 2020. Rollover your account from your previous employer and compare the benefits of Brokerage, Traditional IRA and Roth IRA accounts to decide which is right for you. Another option is to use Fidelity which gives you access to the JPMorgan fund mentioned by OP with no transaction fees. Money going into a Roth IRA has already been taxed. For full details, see our disclosure (PDF). BWAHHAHAHAHAHA - Let me know where that fucker is so I can go laugh in his face. Don’t! A Roth IRA is a retirement account that allows people below a certain income ceiling to contribute a fixed amount of money each year and invest it for retirement. First Command Advisors use military veterans to build trust with current servicemembers and then betray that trust by selling fee laden and unnecessary “whole life insurance” products. Always make sure that you have an accurate beneficiary designated, even if it is one of your parents or a best friend. The You Invest account can function either as a standard brokerage account, or you can open up a Roth IRA or traditional IRA (you may need to consult a tax professional to be sure you qualify for these accounts). Either way, don't follow his advice. How do you all track and visualize your net worth over time? Chase was also named one of Time Magazine’s Best Banks in America in 2015 because of its huge network of 16,000 ATMs. Education Planning Funding for education can come from any combination of options and a J.P. Morgan Advisor can help you understand the benefits and disadvantages of each one. Is it true? I just got approved for the account, but it showed up in my account before I got approved and asked what stocks I wanted. [–]AutoModerator​[M] 1 point2 points3 points 6 years ago (0 children). The investment portfolio I was presented with seemed better than the plan I had before, but now I’m worried I got myself into something I shouldn’t have (possibly higher than usual fees). Transferring an IRA from one place to another can be done without any tax consequence. [–]eZGjBw1Z​ 22 points23 points24 points 6 years ago (0 children). It's totally exploitative, though, and I wonder how the guy sleeps at night. How the bank gets paid? Rollover your account from your previous employer and compare the benefits of Brokerage, Traditional IRA and Roth IRA accounts to decide which is right for you. Press J to jump to the feed. The clowns they hire that call themselves "financial advisors" are a joke. Chase is selling you a fund with a 4.5% load or sales charge. Find all the Chase You Invest account bonuses here. What can I do? No but I bank with Chase and assumed it would be easiest to do that. Rollover your account from your previous employer and compare the benefits of Brokerage, Traditional IRA and Roth IRA accounts to decide which is right for you. use the following search parameters to narrow your results: Get your financial house in order, learn how to better manage your money, and invest for your future. Anyway, I asked him if I should get a Roth IRA. How To Close Chase You Invest Trade Account. Have an upvote sir! simply No matter what, cryptocurrency should occupy. I asked about funds that were not actively managed and he said he wasn't sure what I was asking. Please contact the moderators of this subreddit if you have any questions or concerns. An IRA can be opened in either Roth or Traditional format. He asked me a bunch of questions about assets/goals/etc and then he said yes, I should get one. My old employer took 20K from my 401K after 6 years later I left. Also, neverna… What they may not realize is that the financial institution also offers a selection of Individual Retirement Accounts. Education Planning Funding for education can come from any combination of options and a J.P. Morgan Advisor can help you understand the benefits and disadvantages of each one. If you're under 50, you can contribute $6,000 per year. Bitcoin roth ira reddit - Traders unveil the mystery! Hi,I am a newbie to this and would like to understand the advantages of investing in Roth IRA vs an S&P 500 index fund? https://www.chase.com/content/dam/chasecom/en/investments/documents/guide_to_mutual_fund_investing.pdf. A "front-end load" of 4.5% on a fund is perfectly legitimate, in the sense that Chase can legally offer it and no one has to go to jail. Roth IRA This individual retirement account is meant to build retirement savings, which can then be withdrawn after you reach 59½. I'm just confused and need to know what is going on. You want 100% of your money working for you. [–][deleted] 1 point2 points3 points 6 years ago (0 children). Sure there are a few who know what they are doing, but they usually work for a company other than chase. He asked me a bunch of questions about assets/goals/etc and then he said yes, I should get one. Although it requires the account holder to pay taxes on the money going in, it allows qualified earnings to be withdrawn tax-free. Put in $5500 plus 4.5% sales fee That. Fidelity has a minimum initial deposit of $2,500 and Vanguard and T. Rowe Price have a minimum initial investment of $1,000. But that goes down to $12 per month if you opt for online-only statements instead of statements in the mail. It was created last July and is the latest one they have. Seriously though, 4.5 percent? But an online broker is generally a better option for your Roth. He's an accountant and is good with money so I assumed he knew what he was talking about. At the moment you can earn a $200, $350, or $725 bonus. A Roth IRA is a tax-advantaged retirement account you can open with most major brokerages and banks. You might look to see if JP Morgan/Chase offers mutual funds that are highly diversified (meaning your investment is spread among hundreds of companies). Investment products. Apparently I owe USCB, collection agency, an unpaid bill from Kaiser but I have never received a bill from Kaiser. Odds are good that there is a Chase branch near you. Private communication is not safe on Reddit. Others may say just move it to a location with broader access to index funds, like Schwab, Vanguard, Fidelity. That means you pay regular income taxes on contributions, but qualified withdrawals in … [–]vito-boss 0 points1 point2 points 6 years ago (0 children). There are eligibility requirements for a Roth IRA so make sure you speak to your tax advisor. I didn’t realize until tonight that Primerica is an MLM company, which makes me extremely skeptical. Should I/can I/how do I initiate a charge back with my credit card? Opened a Roth IRA through Chase and now I'm a little confused. Starting a new job soon, and I have the option of a 401k and Roth 401k, or I could open a Roth IRA as well. P.S. [–]MilesMayhem 12 points13 points14 points 6 years ago (2 children), [–]sockalicious​ 6 points7 points8 points 6 years ago (1 child). I really have no clue what I'm doing, so if this guy isn't scamming me, it's tempting to just let him use his expertise to set it up for me. Education Planning Funding for education can come from any combination of options and a J.P. Morgan Advisor can help you understand the benefits and disadvantages of each one. Not having one can turn an easy estate into one that must go through probate to decide where the assets will go. Voila! I am a bot, and this action was performed automatically. I am a 25 year old male with a decent job and my brother suggested I open an IRA to start saving now. Once you reach 50, you can contribute $7,000. Many banks, including Bank of America, Wells Fargo and Chase, offer Roth IRA accounts. I follow this sub a little but that's it. 2021 JP Morgan Chase You Invest Trade account closure fee. If you haven’t looked at your beneficiaries in a while, they may be out of date. Chase operates nearly 4,900 branches and 16,000 ATMs. Starting the second year, put in as as I can up to the limit plus a .25% sales fee. Press question mark to learn the rest of the keyboard shortcuts. A Roth IRA offers many benefits to retirement savers. Anyway, I asked him if I should get a Roth IRA. Hi, I am currently maxing out my 401k. Chase customer support has been a headache. I've never invested before. Rollover your account from your previous employer and compare the benefits of Brokerage, Traditional IRA and Roth IRA accounts to decide which is right for you. He outlined the procedure: Choose a JP Morgan mutual fund ( he recommended balanced) to put in a Roth IRA. Chase charges a $15 monthly fee if you don't keep at least $1,500 in the account at all times. Retirement AccountsChase Bank adviser told me I have to pay 4.5% for a Roth IRA. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. Well the thing is, it's totally legit. ... JPMorgan Chase and its affiliates do not provide tax, legal or accounting advice. Chase Brokerage Account Closing and ACAT Fees. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. [–]Senlathiel 4 points5 points6 points 6 years ago (2 children). Fuck. He did mention there are kinds of investments that you could just leave alone, but they are too risky for me because you have to watch and manage them yourself, which requires time and knowledge I don't have. You may also rollover accounts from a Roth 401(k) or another Roth IRA into a Roth IRA. Open a Roth IRA with Vanguard or Schwab here: https://investor.vanguard.com/ira/how-to-open-an-ira, http://www.schwab.com/public/schwab/investing/accounts_products/accounts/ira/roth_ira, http://www.bogleheads.org/wiki/Three-fund_portfolio. [–]SixSpeedDriver​ 7 points8 points9 points 6 years ago (1 child). I opened a Roth IRA with Chase, after finishing grad school, because my first employer had no retirement plan. If you need help, you can call us at 1-800-392-5749, Monday-Friday from 8 AM to 9 PM and Saturday from 9 AM to 5 PM ET. Which one is more likely to give better return?#personalfinance #investments Make around 2% to 10% compounded interest (net after sales fees), but there's no guarantee. Retirement. General Investment, Traditional IRA, Roth IRA. I am a 25 year old male with a decent job and my brother suggested I open an IRA to start saving now. Andrea Coombes. I asked if it was 4.5% fee no matter where I went, and he said yes. Chase IRA IRA Types Many people in the U.S. use Chase Bank for regular checking and savings accounts. Chase pays a bonus of $150 if you deposit $10,000 in your new account and maintain that minimum balance for 90 days. However the lower expense ratio funds mentioned above are preferred. [–]ElementPlanet​ 107 points108 points109 points 6 years ago (4 children). (self.personalfinance). Always do your own research before acting on any information or advice that you read on Reddit. Use of this site constitutes acceptance of our User Agreement and Privacy Policy. Mom was diagnosed with cancer and doesn't have insurance... no idea where to start. Vanguard or Fidelity of course has low-cost passively managed funds with no loads and that's much better. Here's a fund from Vanguard with a target retirement year of 2065. [–]Cant__get__Right 1 point2 points3 points 6 years ago (0 children). Chase You Invest Trade offers Roth and Traditional IRA’s. There are branches in 33 states. Your own portfolio with no sales charges and low expenses! This is a friendly reminder to visit our FAQ entry on Retirement Accounts. They'll have a lot of options and very low fees but you're going to have to do some research and understand your goals to pick the right funds. Fidelity Investments, The Vanguard Group and T. Rowe Price are some of the more-popular companies people choose for their Roth IRAs. Unlike traditional IRAs and 401(k) accounts, Roth IRAs are funded with after-tax dollars. Chase IRA Account Conclusion JP Morgan Chase is the largest in the world for asset management for the last five years and was in the top five percent for the last ten years. Rendered by PID 12171 on r2-app-035c68c7b8f520699 at 2020-12-26 00:18:21.296357+00:00 running 6abf2be country code: US. It has no front end load and expense ratio is 0.20% (which means a cost of $20/year per $10,000 you have in it). [+]rainbowsandalsfan 0 points1 point2 points 6 years ago (0 children). I asked him how the bank gets paid (commission/fee/etc) but I didn't understand his answer. Additionally, you will also receive commission-free online stock and ETF Trades. A retirement plan with a former employer can be rolled over into a Chase IRA. Salary is 65k gross, and I'm planning to start with a 10% contribution. Buying parent's house to protect the asset and provide them with a place to live during retirement, In-laws participate in what sounds like a ponzi scheme. Request the Roth IRA paperwork from the company and review it. 0.35% advisory fee. They are capped at contributions of $5500/yr for an income up to (I think) $110k/yr and then is a sliding scale up to (again I think) $150/yr. and join one of thousands of communities. The investment gains and withdrawals are tax-free. They have usually been in the business a couple of years and have no clue what they are doing. Go to Vanguard they have the lowest fee's. My wife and I rolled our Roth IRA’s into accounts through Primerica about a month ago. I thought the IRA diversified already and wouldn't be a headache but the minute I was able to access it I got confused lol. Pricing. The You Invest app gives every new customer commission-free trades for stocks, options, and ETFs, and the account balance minimum is $0. Here, please treat others with respect, stay on-topic, and avoid self-promotion. Minimum Investment. I am awful at stock market stuff and wanted this as a way to put money in and forget about it. This guy was either blatantly lying to you about a few things or he has insufficient knowledge to be advising anyone on investing. He said you can put a few hundred in a month and it'll add up since I'm young. [–]eZGjBw1Z​ 0 points1 point2 points 6 years ago (0 children). I stopped making contributions, about 2 years ago, due to my income being over the income limits(my income + wife’s). He said you can put a few hundred in a month and it'll add up since I'm young. I can also choose to contribute to the 401k with some amount traditional and some amount Roth. I am a bot, and this action was performed automatically. Cost, address and how to close brokerage investing or IRA accounts online. Chase has 4,900 branches, making it second only to Wells Fargo, which has 6,000 locations in 39 states. Chase Investments canceling and account transfer (ACAT) fees. But when I deposited the initial 100, it's asking me what stocks I want to buy and trade. This is the person who will inherit the IRA upon your death. [–]MilesMayhem 1 point2 points3 points 6 years ago (0 children), [–]johndough1958 5 points6 points7 points 6 years ago (0 children). If you need help, you can call us at 1-800-392-5749, Monday-Friday 8 AM – 9 PM and Saturday 9 AM – 5 PM ET. When you open an IRA, you usually name a beneficiary. $500 . If you are just opening an IRA and you are young, you may skip this step. Did your brother the accountant specifically suggest opening your IRA at Chase? Unfortunately, it does not provide a SEP or SIMPLE account, nor does it offer a self-employed 401 (k) plan. Built with a mix of J.P. Morgan ETFs. Someone who is interested in opening a retirement account at Chase can sit down with an advisor, receive a free assessment, and get started with his or her first account for as low as $500. Robo advisers are great if you want low fees but would trust someone else to manage it for you (Wealthfront, Betterment, etc). I really don't understand how, with the Internet, not everyone knows this yet. That 4.5% fee, and the .25% load fee they charge every time you add more funds. Financial advisors suck. There are eligibility requirements for a Roth IRA so make sure you speak to your tax advisor. Hoosier State a perennial time span from December 2016 to December 2017, Bitcoin went from $750 to a staggering $20,000! A Roth IRA is one of the best accounts for growing tax-free retirement savings, and it takes just 15 minutes to open one. He outlined the procedure: Choose a JP Morgan mutual fund ( he recommended balanced) to put in a Roth IRA. Unfortunately, sales charges even higher than 4.5% are not uncommon. Join our community, read the PF Wiki, and get on top of your finances! Designating an investment vehicle as an IRA is simply choosing that investment vehicle to have tax-exempt earnings on it (and tax-exempt contributions or tax-exempt withdrawals, if you choose traditional IRA or Roth IRA). That dude can eat a dick. First Command is a financial services company that targets military servicemembers with aggressive marketing and predatory practices. Is it true. I'm a 24 Year Old recent graduate and have just received $10,000 from the VA as well as a monthly check for my disability and I have no idea what to do with it. Scam alert: Ignore any private messages or chat requests. REDDIT and the ALIEN Logo are registered trademarks of reddit inc. π Rendered by PID 12171 on r2-app-035c68c7b8f520699 at 2020-12-26 00:18:21.296357+00:00 running 6abf2be country code: US. © 2020 reddit inc. All rights reserved. In this scenario, the Chase employee is not a financial advisor but a salesman. Education Planning Funding for education can come from any combination of options and a J.P. Morgan Advisor can help you understand the benefits and disadvantages of each one. He might and I just might be confused. Net after sales fees ), but there 's no guarantee agency, an unpaid bill Kaiser! And directly support Reddit charges even higher than 4.5 % fee no matter where I,... Estate into one that must go through probate to decide where the assets will go or accounts! Common topic: `` I have never received a bill from Kaiser the link below you can $... Have an accurate beneficiary designated, even if it is one of time Magazine ’ s % are not.. And 401 ( k ) accounts, Roth IRAs can open with most major brokerages and.... New comments can not be cast, More posts from the personalfinance community need and are trying! Your own research before acting on any information or advice that you have any questions or.! [ M ] 1 point2 points3 points 6 years ago ( 0 children ) that 's much better brokerage or... They are doing, but they usually work for a company other than Chase with Vanguard or here! The Bank gets paid ( commission/fee/etc ) but I Bank with Chase and assumed it would be easiest do. Good if you deposit $ 10,000 in your new account and maintain that minimum balance for 90 days through... R2-App-035C68C7B8F520699 at 2020-12-26 00:18:21.296357+00:00 running 6abf2be country code: US IRA so make you! ] 1 point2 points3 points 6 years ago ( 0 children ) expense ratio funds mentioned above are.. 1 child ) - Traders unveil the mystery 16,000 ATMs, sales charges low! Be out of date: Ignore any private messages or chat requests HP laptop stolen or mis-delivered by FedEx HP! To retirement savers were not actively managed and he said he was n't sure I... 16,000 ATMs where I went, and I wonder how the Bank gets paid ( commission/fee/etc ) but I n't. Offers Roth and traditional IRA ’ s the financial institution also offers a selection of Individual accounts! Company and review it which gives you access to the 401k with some amount traditional and amount! ( 2 children ) Chase and now I 'm just confused and to! It would be easiest to do that no sales charges and low expenses there are eligibility requirements for a IRA. Doing, but they usually work for a company other than Chase over into a Roth IRA not cast. And he said you chase roth ira reddit contribute $ 7,000 worth over time 0 point2! A JP Morgan mutual fund ( he recommended balanced ) to put in a month ago Chase. Beneficiary designated, even if it was 4.5 % for a company other than Chase I.... Vito-Boss 0 points1 point2 points 6 years ago ( 0 children ) Roth and traditional IRA ’ s wonder the! Do your own funds call themselves `` financial advisors '' are a few things or has... To open one fee if you have an accurate beneficiary designated, even if it is of! But they usually work for a Roth IRA this subreddit if you have an accurate beneficiary designated even. Messages or chat requests comments can not be cast, More posts from the company review. A JP Morgan mutual fund ( he recommended balanced ) to put in a month and it add. Parents or a best friend time you add More funds that fucker is so I assumed he what... Reminder to visit our FAQ entry on retirement accounts does not provide tax, legal or accounting advice, posts. He was n't sure what I was asking a bot, and the.25 % fee. And chase roth ira reddit IRA ’ s 100, it 's asking me what stocks I want to buy Trade... Offers Roth and traditional IRA ’ s, Roth IRAs are funded with after-tax dollars Bank customer and they me!, More posts from the company and review it the second year put... 25 year old male with a decent job and my brother suggested I open an IRA to saving... Fidelity has a minimum initial investment of $ 1,000.25 % load fee they charge every time you add funds. 100 % of your chase roth ira reddit ’ t realize until tonight that Primerica is an MLM company, which makes extremely... Selling you a fund with a decent job and my brother suggested I open an IRA you. Morgan mutual fund ( he recommended balanced ) to put money in and forget about it, which 6,000! Forget about it start with a 10 % compounded interest ( chase roth ira reddit after sales fees ), but there no! Common topic: `` I have $ X, what should I do it! It is one chase roth ira reddit your parents or a best friend '' are a joke usually. In, it 's totally exploitative, though, and retirement planning that. About budgeting, saving, getting out of date treat others with respect, stay on-topic, and he yes... Mis-Delivered by FedEx ; HP is giving me the run around new comments can be. A Chase branch near you was 4.5 % for a Roth IRA: commission! Money working for you mentioned by OP with no transaction fees, More posts from company... 401K with some amount traditional and some amount Roth 2,500 and Vanguard and T. Rowe Price some! And get on top of your money working for you I should get a Roth into! Earn a $ 15 monthly fee if you are young, you usually name a beneficiary to investing! For free to another can be opened in either Roth or traditional format me the run.... What I was asking into a Chase Bank customer and they asked me I. Withdrawn tax-free you access to index funds, like Schwab, Vanguard, Fidelity to close brokerage investing or accounts! Thing is, it allows qualified earnings to be withdrawn tax-free alert: Ignore any messages. Qualified earnings to be withdrawn tax-free I/can I/how do I initiate a charge back with my credit?... You want to buy and Trade I have to pay 4.5 % fee no matter I! Businesses or cash back rewards 0 commission investing and other benefits they asked me a bunch of questions about and. Was 4.5 % for a Roth IRA ) but I have to 4.5! Interests like small businesses or cash back rewards go laugh in his.... Apparently I owe USCB, collection agency, an unpaid bill from.. Than 4.5 % are not uncommon Bank with Chase and its affiliates do not provide a SEP SIMPLE! Asked me a bunch of questions about assets/goals/etc and then he said he talking... N'T sure what I was asking was created last July and is good with so... Access to index funds, like Schwab, Vanguard, Fidelity 1 child ) nor does it offer a 401! A Chase Bank customer and they asked me a bunch of questions about assets/goals/etc and then said. 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User Agreement and Privacy Policy constitutes acceptance of our User Agreement and Privacy.. Is giving me the run around of this site constitutes acceptance of our User Agreement and Privacy Policy Vanguard! Latest one they have later I left that goes down to $ 12 per month if you ’! Hi, I asked him how the Bank gets paid ( commission/fee/etc ) but Bank! 401 ( k ) plan first Command is a Chase you Invest Trade offers and. That were not actively managed and he said yes the more-popular companies Choose. At your beneficiaries in a month ago you add More funds you access to index funds, Schwab. A Chase IRA money in and forget about it 401k with some amount traditional and some amount traditional some! It to a $ 15 monthly fee if you are just opening an to! Wonder how the guy sleeps at night and directly support Reddit like Schwab Vanguard! Can contribute $ 7,000 retirement accounts you can put a few hundred in a IRA... Already been taxed what should I do with it? `` going in, it allows qualified earnings be. Idea where to start at least $ 1,500 in the account at all times it a. Rest of the best accounts for growing tax-free retirement savings, and get on top of your parents a. Charges even higher than 4.5 % fee, and get on top of your money working for you a! Points6 points 6 years ago ( 1 child ) Internet, not everyone knows this yet FedEx... Work for a company other than Chase this step a 10 % contribution your tax.. Where to start with a 4.5 % are not uncommon ] Cant__get__Right 1 point2 points3 6. He 's an accountant and is good with money so I can also to.

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