AboutRichard E. Reyes, CFP Expertise I can provide answers to questions relating to retirement especially relating to; income distribution, tax efficiency, long-term care insurance, life insurance, estate planning, asset protection, variable and fixed annuities, alternative investments and prudent portfolio design.
Experience Through the years Richard has built a reputation as one of Central Florida's premier retirement income specialists by providing sound, unbiased wealth coaching.
We believe that Financial Planning is the problem and Wealth Coaching is the solution. The Wealth Coaching process gives you Peace of Mind, so you can stop worrying about your future. It helps you find happiness as it guides you in the TRUTH of investing, by teaching you how to make wise choices as you journey through your life’s stages. It is all about your relationships and what you value, not your net worth.
Organizations Financial Planning Association
Junior Achievement
Publications Seminole Success Magazine “Retirement Planning”
Seminole Success Magazine “Small Business Snapshot”
The Orlando Sentinel – Ask the Expert Financial Section (Various)
Greater Orlando Broker Agent Magazine “The New It”
Senior Market Advisor “Random Reader, Random Questions”
AuthorThe Dirty Filthy Lies My Broker Taught Me and 101 Truths about Money and Investing
Education/Credentials B.S. University of Florida, Gainesville, FL
CFP Certificate, University of Central Florida, Orlando, FL
Awards and Honors 2005,2006,2007,2008 America's Best Financial Planners
2007 Orlando Business Journals "Top 25" Top Financial Planners in Central Florida
Question I want to open a Roth IRA to save for retirement. I want to know: 1) Where should I open the Roth IRA account? I don't have $ to go to a financial planner and I only have a small amount of money to get it started (about $100). I called Wells Fargo bank and they only had an interest rate of 1.1%. Is that all I can expect?
Nikki, thanks for your question. Hopefully I can give you a little help with my answer.
First a Roth IRA is not an investment. A Roth IRA is nothing more than language in the tax code which allows an investor to put money into a vehicle post tax, for that money to grow tax deferred, and for the money to be able to be withdrawn tax-free at a future date (after 59 1/2). That's it.
Once you open a Roth IRA you are able then to invest in a number of different things i.e. stocks, bonds, real estate, commodities, CD's, etc. I would assume that Wells Fargo is investing that money into some sort of CD.
I would recommend that you contact Vanguard and speak with one of their advisors on the phone to get more information on your investment options. In addition, pick up a few books or magazines and educate yourself a little about the different investments before going forward.
Even though you are starting with a little money does not mean you can't put more money into the investment monthly. However, just start a little at a time and let the magic of capitalism and compound interest work. You should be fine.
Richard Reyes, CFP
The Financial Quarterback & Investor Coach
www.thefinancialqb.com
VLOG. www.thefinancialqb.com/vlog
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