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Reasons Older Investors Should Consider Scottrade for an IRA

Older investors who are in retirement or approaching retirement should take a look at Individual Retirement Accounts at Scottrade. The broker also has good resources for Americans transitioning from work to retirement, with or without an IRA. Let's take a look at some of these features.

Investment Advice

Scottrade Investment Management is an affiliated service that provides financial guidance to customers who elect to pay extra for it. The broker provides an array of investment planning services, including portfolio management, one-on-one discussions, and a tailored financial plan. These services would be ideal for investors in or near retirement who need extra assistance.

Individual Retirement Accounts

Several different IRA types are available at Scottrade. These include Roth, Traditional, SEP, SIMPLE, and Rollover. They have no special fees. This policy includes setup, annual, low-balance, and inactivity fees. Even better, a Scottrade IRA has no opening deposit requirement. The broker also does not charge anything to close an IRA.

A Rollover IRA is the perfect choice for older adults who have an existing 401(k) plan with a former employer. With Scottrade, you can roll over some of the assets or the entire plan. Retirement specialists at Scottrade can assist clients with this process.

Educational Resources

There are several articles on Scottrade's website devoted to retirement topics. Some examples include contributions, making a retirement plan, and inheriting an IRA. There are also quite a few calculators on the broker's site that can help retirement savers. One calculator, for instance, helps users determine if they are currently saving enough to meet retirement needs. The tool asks for various data, such as current age, age at retirement, current retirement account balances, and tax bracket. It then determines the odds of running out of money by a certain date.

Cash Management Features

Brokerage customers can take advantage of Scottrade Bank, which is FDIC insured. A checking or savings account can be opened with insurance up to $250,000. Checks and a debit card cost nothing. Scottrade does require at least a $500 balance in a brokerage account to apply for a bank account. Having a bank account linked to a retirement account can help to pay monthly expenses. For example, dividends and other distributions received in an IRA can be transferred to a linked Scottrade bank account.

Customer Service

One of the great features of Scottrade is its network of local branches, which happens to be the largest in the United States of any on-line discount broker. There are more than 500 offices in 47 states and the District of Columbia. This is an excellent resource for investors who need some extra guidance and hand holding when making financial decisions. Also available is phone service seven days a week. The broker can reached by fax and e-mail, too. Social media users can communicate with the broker through its Twitter and Facebook pages.


Scottrade has a user-friendly website. Using the menu at the top of the site makes navigation easy. Placing trades on the website is fairly straightforward. A purple arrow appears at the lower-left corner of the browsing window. Clicking on this icon produces a trading ticket where stocks and ETF's can be bought and sold. The website also has a tool that searches for more conservative investments, such as certificates of deposit and bonds. A more sophisticated desktop platform is available for traders who have at least $25,000 in assets with the broker or who place at least 3 trades per month.

Mobile Apps

A Scottrade mobile app can easily be downloaded and installed on Apple and Android devices. The interface is easy to navigate. Mobile check deposit, funds transfer, and bill pay can all be used free of charge. The broker also has a mobile web site. It can be accessed simply by going to m.scottrade.com on a mobile device. Monitoring a retirement or non-retirement account is easy using either the app or the mobile web site.


New investors who open an IRA with at least $10,000 will receive 50 free trades, which must be used within 3 months of account opening. A deposit of $25,000 or more will qualify for a cash bonus of at least $100. The bonus is on top of the free trades. This is a good opportunity to try out the broker with a transfer of retirement assets.

The Price of Trading

Buying or selling a stock or ETF costs $7 at Scottrade. This commission is quite low by industry standards. Customers who need extra assistance can place a trade over the phone with a live broker. Using this service costs $25 extra.

Mutual Funds

Scottrade IRA is great for older people since firm's customers have access to more than 11,300 mutual funds. Of these, slightly more than 2,000 have no load and no transaction fee. Funds with a transaction fee cost $17 per trade. Some of the mutual funds on Scottrade's site are target-date funds, which are designed for retirement savers.


Scottrade IRA is one of the best for older people who are saving for retirement or just need some financial help. One of the broker's many branch locations is a good place to find some assistance. Account could also be opened online and someone from Scottrade customer service will call the next day and offer assistance.

Best IRA Bonus Offers Disclaimer

Best IRA bonus offers for ROTH, Rollover, Traditional IRA accounts can change at any time without notice. Top bank and brokerage firms IRA promotions and incentives are available only to U.S. citizens and legal residents.