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Money Market Roth IRA
"I opened up a Bank of America Money Market Roth IRA, where the greater your balance, the higher the dividends you earn. $50 minimum to open; make deposits at any time. 2.25% - 2.50% APY. It combines the return of a savings product with the tax advantages of an IRA."
Coach Olaso, 38, Banking
Fullerton, California
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Comments
If you're saving for your retirement and you're 38, you definitely don't want to put your IRA money in a money market account. You'd be better served by putting it into a low-expense stock index fund. At 2.5% APY, you're *LOSING* money over time (including inflation).
Posted by: Poopyhead May 27th, 10:36
Good plan. You earn 2.5% while inflation is around 10-12%. Congratulations you are losing 8-10% per year in purchasing power. You're not really in the banking business are you?
Posted by: elroy Jun 8th, 21:08