[mommyoftwins]

We (well actually me as the non-working spouse, DH already has a 401K so he is not eligible) will be putting around $3500 into a Traditional IRA to lower our AGI for tax purposes. I've been trying to research different funds/companies but it's all really confusing. I like Vanguard and Fidelity since they are large, reputable, and seem to have low fees but beyond that I'm stumped. I suppose I could just choose a "target retirement" fund so it's easy but I don't want to miss out on potential gains by doing it the easy way. Is there a website that is good for beginners to understand which IRA is the best to choose? Does anyone have any suggestions?

[mommyoftwins]

I was hunting around on Morningstar and it seems that you have to be a member to access the ratings, am I incorrect? They do have some good basic info on the how-to's but I was looking for the list of 4 & 5 star rated funds, can I see that if I'm not a member?

[scpend]

You can see the ratings at Morningstar without logging in. You have to pick an individual fund - you may have been looking at a fund family. You have to be a paying member to see their detailed analysis reports and stuff.

ETA: Use the fund screener to find 4 and 5 star funds in categories that interest you.

http://screen.morningstar.com/FundSe...n=ToolScreener

[mommyoftwins]

Originally Posted by scpend

You can see the ratings at Morningstar without logging in. You have to pick an individual fund - you may have been looking at a fund family. You have to be a paying member to see their detailed analysis reports and stuff.

ETA: Use the fund screener to find 4 and 5 star funds in categories that interest you.

http://screen.morningstar.com/FundSe...n=ToolScreener

Oh thank you!! I was looking in the wrong place *duh!*

[berlinsmommy]

Somebody, please jump in and correct me if I'm wrong here, but I thought you could not contribute more to an IRA than your earned income for that year, so if she did not work at all, can she open an IRA in her name? Of course, if she worked at all, she could contribute 100% of the amount of her wages into it.

Am I mistaken?????

[BzyBee]

How about a Roth??
A non-working spouse can contribute and you and your DH could each have one.

[BzyBee]

Originally Posted by amszyh

I think what Berlinsmommy said applies to Roths too...you can't have one unless you have income for the year.

Yes you can...I have one and contribute every year.

[BzyBee]

Originally Posted by amszyh

You're right!

Can you say that a little louder...I would like DH to hear you......

[SweetGaPeach]

WOAH WOAH WOAH! I'm lost (again!) Looks like I have a ton of reading to do...

[BzyBee]

Originally Posted by amszyh

I'll do even better...I WAS WRONG! YOU WERE RIGHT!

I love that people talk about finances on here. I learn a lot!

Thanks...that will do nicely!!

Being coupon shoppers, I think most of us are interested in saving more and spending less so progressing into talk about general finances seems natural. I have a good grasp on managing finances but I wish I knew more about investing, I am learning...DH is very knowledgeable so I trust him and ask when I want to know something. I am also reading up on some financial/investing sites and looking for a few simple books on investing from the library.