Quote:
Originally Posted by MTG#10
I know this is a dumb question and probably already covered to death in this thread but,
I just opened up a Roth IRA for the first time through Fidelity and deposited $500. Do I have to do anything for it to grow once the funds clear from my checking account? Like do I need to choose what the money I contribute is invested in or does Fidelity handle that for me while I just collect dividends? I plan on adding $500/month for the rest of the year then continue that next year to meet the $6000 contribution limit for 2022.
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Set up monthly deposits into any fund you’d like. I do $500/month into my ROTH split between 5 funds. Fidelity has some good funds to choose. Look for their zero expense ratio index funds if they are allowed in a ROTH.
FNILX large cap
FZROX total market
FZIPX small/mid cap
If not they have plenty of low cost mutual funds that a very good.