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TD Ameritrade vs Fidelity vs Ally, etc.?

Start investing early. For example, if you invest $15k/yr for 40 years and assume a 7% annual return (7% is easily doable) you'll have about $3.2 million at retirement. I understand that saving $15k when you first start working may be difficult, but it gives you something to shoot for. You can make up for shortfalls in your later years. I use a Fidelity managed fund and have easily exceeded the 7% return goal even in the worst of financial times.
 
Traditional advice at step 3 is max out your 401k, then IRA ; then invest
I would max out a Roth account before a IRA no tax’s to pay on it when start drawing it out . If the Dem-rats in power don’t get chance change the rules. I R A u will be taxed on that money as income
 
Find a brokerage with low fees (both transaction & maintenance). Lately many have gone to no-fee transactions. If you are going to play the market then you need to think of this money as gambling money.

Separately you need to have a separate pot of money you are putting away for retirement:
Put as much into your 401K as you can stand...way more than 4% (your ultimate goal is to max it out but this may not be realistic early in your career when your income is on the low end of your job's payscale).

Also, some 401Ks have a Roth option. This allows you to contribute more than the $6K annual limit for a normal Roth IRA (up to the 401K limit of $19,500)

Once you've fully funded your 401K, & if there is money left over, you can invest in an IRA (Roth preferred).
Note: if your 401K doesn't offer a Roth option, then you may stop at the company match and jump over to a Roth IRA. Once you max out the Roth you can always put more money into the 401K.

Here is some information that I always share with beginning investors (this is similar to Bagman's comment earlier)
How to Start Investing: A Beginner’s Guide | DaveRamsey.com
How Teens Can Become Millionaires | DaveRamsey.com
(This link used to have a great chart to show you the benefit of investing early, but they changed it to an infographic...original chart can be found here: Budgeting | Pinning with Mrs. Pennington)
 
Thanks for all the replies.

From what I’ve read re: Roth IRAs is that I can contribute 6k max and that I can also withdraw my “contributions” w/o any penalties or fees however, I can’t touch any of the “gains” earned before age 59.5 or I will pay high penalty fees and taxes and that once I hit that age I could then withdraw everything tax free and no penalties. This sounds very appealing and safe to me, as while I don’t plan to withdraw any $ , you never know what the future holds and I don’t want my money inaccessible for 25 years if disaster strikes. I hear it’s better for beginners to pay a fair price for a wonderful stock vs a wonderful price for a fair stock which is why I’m leaning towards some type of index fund. I hope I’m using the right terminology but I believe this is where I would own a “basket” of stocks into some of the top 500 companies.

If I wanted to go the Roth route but have that $ be invested in something like the Vanguard index fund or S&P 500 index fund, would I need to choose “managed portfolio” or “self-directed” when setting up my account?

oh, and I contribute 5% to my 401k, because my employer matches $ for $ up to 3% but if you contribute 5% they’ll match 4%. I know I could add more to this but I don’t really want my employer knowing how much $ I can live without.
choose self-directed if you want to put it in index funds. you can always go to a managed portfolio later if you're unhappy with the performance.

double check on the IRA early withdrawals. I'm pretty sure there are penalties for early withdrawal, though mine is a conventional, not a roth, and it's 10% penalty + taxes.
 
Thanks for all the replies.

From what I’ve read re: Roth IRAs is that I can contribute 6k max and that I can also withdraw my “contributions” w/o any penalties or fees however, I can’t touch any of the “gains” earned before age 59.5 or I will pay high penalty fees and taxes and that once I hit that age I could then withdraw everything tax free and no penalties. This sounds very appealing and safe to me, as while I don’t plan to withdraw any $ , you never know what the future holds and I don’t want my money inaccessible for 25 years if disaster strikes. I hear it’s better for beginners to pay a fair price for a wonderful stock vs a wonderful price for a fair stock which is why I’m leaning towards some type of index fund. I hope I’m using the right terminology but I believe this is where I would own a “basket” of stocks into some of the top 500 companies.

If I wanted to go the Roth route but have that $ be invested in something like the Vanguard index fund or S&P 500 index fund, would I need to choose “managed portfolio” or “self-directed” when setting up my account?

oh, and I contribute 5% to my 401k, because my employer matches $ for $ up to 3% but if you contribute 5% they’ll match 4%. I know I could add more to this but I don’t really want my employer knowing how much $ I can live without.
You're off to a good start. Call Fidelity and sit down with an advisor. It doesn't cost you anything. They'll help you flesh out your long-term goals and provide you with alternatives for getting there.

I assume you're a young guy so I'm going to give you some unsolicited Boomer advice... Don't get tempted to get the motorcycle/boat/expensive car, whatever. Invest that extra cash. You'll be happy you did when you get to be a old-timer like me.
 
You said you are putting 5% into your 401K & additional ?% into a separate account...that is good. But my advice is to go higher (in total 401K+Roth+PlayFund...I can understand the concern with your employer). For many years, I was only putting 6% of my income into a retirement account (for me it was only my 401K)...now I wish someone had stuck a boot in my A$$ and made me contribute more. At least 10% and preferably 15%. If I had done 15% my entire working career, I'd probably be seriously considering retirement at 55 (in 3 years), as many of my older co-workers have done. Now, at 52, I am playing catchup and sweating it...worrying that I'll be able to retire at 65 and not have to get a retirement job ("Welcome to Walmart, now take your damn buggy" ).

Social Security won't be worth squat...It'll put gas in your vehicles & pay for your morning biscuit & senior coffee at Bojangles.
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