Against some critics, I think Sharebuilder is a wonderful vehicle. I have used it for several years. The bottom line cost of the trade is a bit high, but the simplicity could not be any easier. I started a Roth IRA in 04/07, unfortunately I could not max out my deduction. I took some of my 2006 tax refund to start the IRA. I make only one buy a month and sharebuilder takes $4 from the investment total plus $25 a year for a service fee. That makes my monthly investments at just over $6 per trade. That’s not that bad if you only trade once a month. The money deposited goes into a money market account that earns a decent return.
I was able to put $770 into the Roth in 2007. Way short of the mark I had set several years ago.. My plan is to be able to fully fund in 2009. The question is should I use that $700 dollars to my debt reduction plan or use it for the future. Many debates arise where the compound interest wins or loses. For me at 40 years old, I NEED to do both fund a retirement plan and get debt free.
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