5

I would really like to save money during the year and then once a year purchase specific stocks to put in an IRA. Is that possible? Are there companies that offer something like this without charging exorbitant fees?

9

Absolutely. An IRA works just like any other brokerage account except that there are constraints on contributions and withdrawals. You can invest in just about anything you'd like.

Because the title of your question is slightly ambiguous I'll add this for clarity. You can't directly add stocks to an IRA account. You can only fund it with cash. However, you can buy any stock you want with the cash you transferred into the account. If you want to move a stock into an IRA account from another account you will need to cash it out first, transfer the cash, then re-buy the stock.

  • Not true about having to liquidate the account before moving it. Two different financial experts that I talked to today said that it can be transferred from one custodian to another directly. – Christopher Bottoms Oct 26 '10 at 0:29
  • @molecules - I wasn't talking about moving stocks between custodians. I meant moving them from a non-tax-sheltered account into an tax-sheltered one. – JohnFx Oct 26 '10 at 18:29
  • Thanks for clearing that up. I guess my question wasn't very clear to start with. – Christopher Bottoms Oct 28 '10 at 13:53
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You can purchase specific stocks through Fidelity's IRAs for $7.95 per trade.

  • 2
    Meh, Fidelity. Zecco's cheaper ($4.50, or 10 free a month with $250k in assets). You can also get IRAs from E*Trade, Charles Schwab, ShareBuilder, really any brokerage. – user296 Oct 13 '10 at 18:42
  • @fennec. Thanks! That looks like a good answer. Why not post it? – Christopher Bottoms Oct 14 '10 at 1:57
  • Scottrade: no annual fees, $7/transaction. Zecco: $30 annual fee, $4.50/transaction (unless you have $25,000 or more with them). – Christopher Bottoms Oct 28 '10 at 13:57

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