How Much Money Do You Need to Open an IRA?

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An IRA is an individual retirement account, and some companies allow a person to start an IRA for as little as $50 a month. Find out how IRA contributions vary from company to company with help from a licensed insurance agent in this free video on retirement planning and personal finance.

Part of the Video Series: Retirement Planning
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Video Transcript

Hi, my name is Bill Rae. I'm a licensed agent and have been in financial field for well over two decades. The question is, how much to open an IRA? Interesting question. First of all let's remind ourselves an IRA is an individual retirement account. So most companies out there generally will have some sort of minimum that they're looking for you to put up to open an IRA. However, there are many programs out there that can start for as little as fifty dollars a month. Do your homework, shop around. Because your IRA is a commitment between you and yourself. So the question is, how much does it take to open up an IRA, depends upon the company you're dealing with, some as little as twenty five to fifty a month others want at least five to ten thousand. What do you have to start with? What are your plans? What are you looking to do? Those are the questions you should ask. And once again, do your homework, look around, talk to your local banker or better yet, find a good adviser. My name is Bill Rae and I'm helping you build wealth.

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