How to Choose an IRA Custodian

And lastly, Tip 4: Consider whether you'd like to take your IRA beyond stocks, bonds and mutual funds and invest in other types of investments, such as real estate or privately held companies. Remember, you can invest in just about any type of investment with an IRA. If you think you might want to invest in real estate or private companies with an IRA, learn about self-directed IRAs and decide whether one might be right for you.

And here's a bonus tip: When you open a new IRA, be sure to designate beneficiaries for the account. The beneficiary designation on file with the IRA custodian controls who will inherit your IRA, so it's important to indicate to whom you'd like to leave your IRA funds.

Cha-ching! That's all for now, courtesy of Money Girl, your guide to a richer life.

As always, everyone's situation is different, so be sure to consult a tax or financial adviser before making important financial decisions. This podcast is for educational purposes only and is not intended to be a substitute for seeking personalized, professional advice.