How to Open an IRA or ROTH IRA Without a Lot of Money

We all know how important it is to save for retirement. And everyone has heard about IRAS and ROTH IRAS and what great options these are for saving for retirement. Unfortunately, many of the companies that offer these services require a large initial deposit just to open an account. But don't worry, here are four companies that you can open retirement accounts with starting with just $50.00.

• With as little as $50.00, you can open an account as long as you enroll in the Automatic Asset Builder program. This program enrolls you in automatic deposit of $50 each month into your account.

• Vanguard (www.vanguard.com)
  Most Vanguard funds require a high initial deposit, but their Star Fund only requires a $1000 initial investment.

• American Century (www.americancentury.com)
  They offer Livestrong and OneChoice portfolios which require only a $500 initial investment when you sign up for automatic investment. They also require that you deposit at least $100 each month.

• USAA (www.usaa.com)
  This company is only available to military and their family members.
  They have a great plan where there are no initial investment if you enroll in automatic deposit. Monthly investment minimum is $50.

Note that most companies will charge a yearly account maintenance fee for accounts with low balances. It still a good idea to invest even if you are charged these fees. You should try to get your balance up to the minimums as soon as possible though to avoid the fees.