Are you looking for a low-cost IRA provider? If so, Fidelity Go may be the right choice for you.
This article will provide an overview of Fidelity Go, including reviews, benefits, fees, and ratings. We'll also discuss how to open a Fidelity Go IRA and what to watch out for. Let's get started!
Fidelity Go IRA - Reviews, Benefits, Fees & Ratings Table of Contents
What is a Fidelity Go IRA?
A Fidelity Go IRA is a type of retirement account that is offered by the investment company Fidelity. The account is an IRA, or Individual Retirement Account, which means that it is a tax-advantaged account designed for retirement savings.
How Does a Fidelity Go IRA Work?
A Fidelity Go IRA is an individual retirement account that is managed by the investment firm Fidelity. The account holder contributes money to the account, and Fidelity then invests the money in a portfolio of stocks and bonds. The portfolio is designed to provide growth over time, while also preserving capital.
What Are The Key Features of a Fidelity Go IRA?
When it comes to features, a Fidelity Go IRA has a lot to offer. For starters, there are no minimum balance requirements and no annual fees. Plus, you'll get access to a wide range of investment options and 24/seven customer support.
Another key feature of a Fidelity Go IRA is that it's easy to set up and manage. You can open an account online in just a few minutes, and then easily monitor your investments via the Fidelity Go app.
Finally, a Fidelity Go IRA offers some great tax benefits. All of your investment earnings are tax-deferred, which means you won't have to pay taxes on them until you withdraw them from your account.
So, those are just some of the key features of a Fidelity Go IRA. If you're looking for a simple and affordable way to invest for retirement, then a Fidelity Go IRA might be right for you.
What Commissions and Management Fees Does a Fidelity Go IRA Come With?
A Fidelity Go IRA has a $0 commission for online US stock, ETF, and option trades. There is no account minimum, so you can open an account with any amount of money. The management fee is 0.35% per year, which is lower than the industry average of 0.48%.
What Are The Advantages of a Fidelity Go IRA?
There are many advantages of a Fidelity Go IRA. One advantage is that you can choose from a wide variety of investment options.
With a Fidelity Go IRA, you have the flexibility to invest in stocks, bonds, mutual funds, and ETFs.
Another advantage of a Fidelity Go IRA is that there are no annual fees or account minimums. This makes a Fidelity Go IRA an affordable option for investors.
What Are The Disadvantages of a Fidelity Go IRA?
The main disadvantage of a Fidelity Go IRA is the lack of investment options. While you do have some say in how your money is invested, you don't have the same level of control as you would with a traditional IRA.
Another downside is that you may pay more in fees than with other types of IRAs. However, it's important to compare the fees charged by different providers before making a decision.
Finally, keep in mind that Fidelity Go is a relatively new service. As such, there's less history to go on when it comes to its performance and stability.
What Are Some Alternatives to a Fidelity Go IRA?
There are a few other companies that offer similar services to Fidelity Go. Some of these include Vanguard, Charles Schwab, and TD Ameritrade. Each of these companies has their own set of benefits and drawbacks, so it's important to do your own research before deciding which one is right for you.
Another option is to open a traditional IRA through a company like Fidelity or Vanguard. With a traditional IRA, you'll have more control over how your money is invested. However, you will also be responsible for paying taxes on your withdrawals in retirement.
Ultimately, the best way to decide which retirement account is right for you is to talk to a financial advisor. They can help you understand the pros and cons of each option and make the best decision for your unique situation.
How Do You Open a Fidelity Go IRA?
To open a Fidelity Go IRA, you'll need to be at least 18 years old and have a Social Security number. You will also need to have an account with Fidelity Investments. If you don't already have an account, you can easily set one up online. Once you have an account, you can log in and begin the process of opening a Fidelity Go IRA.
The process is relatively simple and can be completed in a few minutes. You'll need to provide some personal information, including your name, address, and date of birth. You'll also need to indicate how much money you want to contribute to your IRA each year.
What is The Minimum Amount Required to Open a Fidelity Go IRA?
The minimum amount required to open a Fidelity Go IRA is $500. Once you have opened your account, you can begin making contributions. The contribution limit for 2019 is $6000, or $ 7000 if you are age 50 or older.
What Are The Fidelity Go IRA Contribution Limits?
The Fidelity Go IRA contribution limit is $6000 per year. This is the same as the Roth IRA contribution limit. If you are over the age of 50, you can contribute an additional $1000 per year.
What Are The Eligibility Requirements for a Fidelity Go IRA?
To be eligible for a Fidelity Go IRA, you must:
- Be at least 18 years old-Have a Social Security number
- Have a U.S. mailing address
- Not have another traditional or Roth IRA with Fidelity Investments currently open (you may have other investment accounts)
Note that if you are married, your spouse must also meet these requirements in order to open a Fidelity Go IRA.
Do You Pay Taxes On a Fidelity Go IRA?
You may be wondering if you have to pay taxes on a Fidelity Go IRA. The answer is no, you don't have to pay taxes on a Fidelity Go IRA. However, you will still have to pay taxes on any withdrawals that you make from your account.
When Can You Withdraw Money From a Fidelity Go IRA?
You can make withdrawals from your Fidelity Go IRA at any time, but there are some restrictions. If you withdraw money before you turn 59½, you may have to pay a penalty. You can also only make one withdrawal per year without paying a penalty.
How Does a Fidelity Go IRA Compare to a 401K?
When it comes to choosing a retirement account, there are many options available. Two of the most popular are 401Ks and IRAs. So, how does a Fidelity Go IRA compare to a 401K?
There are several key differences between these two types of accounts. For starters, with a 401K, your employer typically matches a certain percentage of your contribution. With an IRA, there is no employer match.
Another key difference is that 401Ks are typically more restrictive when it comes to withdrawals. With a Fidelity Go IRA, you can make withdrawals at any time without penalty.
Finally, 401Ks often have higher fees than IRAs. With a Fidelity Go IRA, you can expect to pay lower fees and get access to more investment options.
All things considered, a Fidelity Go IRA is a great option for anyone looking for a retirement account.
What Assets Are Available With a Fidelity Go IRA?
A Fidelity Go IRA offers a wide range of asset options, including stocks, bonds, and mutual funds. You can also choose to invest in ETFs (exchange-traded funds). With a Fidelity Go IRA, you have the flexibility to change your asset allocation at any time.
Why Do People Use a Fidelity Go IRA?
People use a Fidelity Go IRA for many reasons. Some people use it because they want to save for retirement, while others use it to save for a child's education. Whatever the reason, a Fidelity Go IRA can be a great way to save money.
Customer ratings for the Fidelity Go IRA are very positive. In fact, many people consider it to be one of the best IRAs on the market.
Does a Fidelity Go IRA Accept Rollovers?
Yes, a Fidelity Go IRA can accept rollovers from other eligible retirement accounts. If you're considering rolling over your account, we recommend that you speak to a Fidelity representative to learn more about the process and what's required.
How Long Does It Take to Transfer to a Fidelity Go IRA?
The whole process of transferring to a Fidelity Go IRA should take no more than a few weeks. You will need to start by opening a new account with Fidelity, which you can do online. Once your new account is open, you will need to transfer the funds from your old IRA to your new Fidelity account. This can be done either by mailing in a check or by initiating a direct transfer from your old IRA custodian.
Once the funds are in your new Fidelity account, you will need to choose how you want to invest them. Fidelity offers a wide variety of investment options, so you should be able to find something that fits your needs and goals. Once you have chosen your investments, you will need to set up a schedule for making contributions to your IRA. You can make contributions either on a monthly basis or on a yearly basis.
The most important thing to remember when transferring to a Fidelity Go IRA is that you will need to keep track of your old IRA account until the transfer is complete. This is because you will still be responsible for paying taxes on any distributions from your old IRA account. Once the transfer is complete, you will only be responsible for paying taxes on the distributions from your new Fidelity IRA.
How Do You Put Money Into a Fidelity Go IRA?
You can set up a Fidelity Go IRA with an initial deposit of $500. After that, you can contribute as little as $50 per month.
There are two main ways to fund your Fidelity Go IRA: through automatic deposits from your paycheck or by making manual contributions. If you choose to set up automatic deposits, you can have a certain percentage of your paycheck deposited into your Fidelity Go IRA each pay period.
For example, if you're paid biweekly and you want to contribute $100 per week to your Fidelity Go IRA, you would request that $50 be deducted from each of your paychecks and deposited into your account.
If you decide to make manual contributions, you can do so anytime by transferring money from your checking or savings account. You can also set up recurring transfers so that you're making regular contributions to your Fidelity Go IRA without having to remember to do it manually each time.
Can You Open a Fidelity Go IRA For a Child?
Yes, you can open a Fidelity Go IRA for a child. The account can be used for children of any age, including newborns. There is no minimum balance required to open an account, and there are no fees associated with opening or maintaining the account.
The benefits of opening a Fidelity Go IRA for a child include:
- The ability to start saving for retirement at an early age
- A tax-advantaged way to save for retirement
- The potential to grow your savings over time
- The ability to withdraw funds penalty-free after reaching age 59½
If you're thinking about opening a Fidelity Go IRA for your child, we encourage you to speak with a financial advisor. They can help you determine if an IRA is the right savings vehicle for your child and provide guidance on how to best use the account.