Roth administration fees

[Guest alk1]

I read that there are annual administration fees for the Roth IRA. Is there a ballpark range for these? Do the fees vary based on the type provider you choose (i.e. bank et al)?

[John G]

Alk1, you will find a wide range in annual fees. I don't see any pattern by institution.

Remember, other possible fees include commissions, mutual fund loads, account closing fees, etc.

Concerning the annual fees. They range from zero (yes zero) to $35/year from my experience. Many brokerages and mutual fund families will drop their fees if you have other funds with them or when your IRA assets grow to more than $10,000. You may want to ask an institution to waive their IRA fees. If they want your business, they may just say yes.

Shop around, but don't focus solely on annual fees. Investment options, level of service, and www access to your account, are some of the things you want to consider. If you don't like your initial choice you can always transfer your funds... for a fee of course.