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What kind of BUYandHOLD Investor are you?

So, you think you've got what it takes to be a BUYandHOLDer IRAer? Here are the steps you will need to take to set up your account appropriately.

BUYandHOLD IRAer

In order to be a BUYandHOLD IRAer, you must open and a IRA account: Traditional, Roth, Rollover. There is no setup fee and no minimum balance.

You can complete your application entirely online. Combined with BUYandHOLD Instant Deposit, a link from your personal bank account to your BUYandHOLD account allowing you to make deposits online, you can begin investing the same day you open your account. Our annual fee for Traditional, Roth and Rollover IRAs is $25 charged on the anniversary of the opening of the account. This fee will be waived if you set up E-ZVest^sm within 30 days of opening the IRA. This fee waiver will only occur if the monthly or weekly E-ZVest^sm remains in place until the anniversary of the account opening.

When opening an IRA, there are a few things to keep in mind. For full information on IRAs, see our Retirement Focus channel.

Traditional IRAs are retirement savings accounts for individuals. Earnings are not taxed while in the account. Taxes are due when distributions are taken, and there are penalties for taking distributions before 59 1/2 years of age. Anyone who has earned income and is under 70 1/2 years of age can establish and fund a Traditional IRA. The contribution can be made for up to $5,000, but cannot exceed your earned income (customers age 50 or older, can contribute $6,000). You will need to supply information regarding Primary Beneficiary(s), as well as Contingent Beneficiary(s) if you want them.

Roth IRAs are retirement savings accounts for individuals. You are not taxed on the earnings in the account and distributions are also tax-free if you meet the IRS requirements. There is no deduction allowed for Roth IRA contributions. In order to make a $5,000 maximum contribution to a Roth IRA, your income must be less than $99,500 if you are a single individual, or $156,500 if you are married. Your contribution of up to $5,000 cannot be in excess of your annual earned income. You will need to supply information regarding Primary Beneficiary(s), as well as Contingent Beneficiary(s) if you want them.

Rollover IRAs are designed as holding accounts for assets distributed from an employer-sponsored qualified retirement plan, such as a 401(k), known as a Direct Rollover. By keeping these funds separate from any regular IRA contributions you may make, you will be eligible to roll these assets back to an employer's plan in the future if you choose to do so. If rollover funds from an employer's plan are commingled with a regular annual contribution, you forfeit the ability to move them to another plan. You will need to supply information regarding Primary Beneficiary(s), as well as Contingent Beneficiary(s) if you want them.

If you wish to purchase stock to put into your IRA, the process is the same as for any other BUYandHOLD account. Go to our Research Stocks channel to choose a stock. Use our simple shopping cart function to purchase your chosen stock(s) for just $2.99 per trade.

BUYandHOLD routes orders to Oppenheimer (member NYSE/SIPC) three times a day, and provides real-time trade executions, unless BUYandHOLD or any of its agents or affiliates experience technical, mechanical or other difficulties, including but not limited to, delays or loss of service resulting from computer, electronic, mechanical, or communication line failure, heavy trading volume and/or market conditions beyond our control.