l have $4000 to invest, preferably something in terms of a retirement plan that can grow over the course of approx 20 years.. Ive wanted to start a roth IRA but dont know where to go and how to do this.. i'd like something with minimal risk and a decent yield.. dont mention stocks because l dont have time to check on their updates..also, l was thinking of something with at least a yield of 8% so im inclined to say that anything in this range requires medium risk.. so please advise as to what plan of action l should take.. (note: l plan on adding more money to this investment annually)
BTW, l am 20 years old
l have just seen a few of these retirement funds:
-T. Rowe Price Retirement 2045
-Fidelity 2045

Are these considered roth ira's? and which is the best?

Open a brokerage account with someone like Sharebuilder and buy a no load index fund.

with the market the way it is either bank it or put it in your super >.<

Wait just a little longer,now that everyone is saying it is going to get much worse,it is almost at the bottom.Remember the oil price spike,when it hit $145 and people were saying $200 + a barrel l knew it was over. l always wait until l hear the panic in their voices , that the world is ending,then l buy. l am sitting on $25,000 in a MM fund. l will get in on Monday or Tuesday,depending on what the markets continue do.

If u plan on investing in stocks l would invest $1000 in each of these companies.

AT&T - T - This is a great company that will be around after all the turmoil. Also you're getting a nice dividend of 6.95% (That is at a share price of $23). l am going to assume u know what AT&T does & how they profit.

Altria - MO - Another great company that is not going anywhere. Think Marlboro. They have a 7.36% dividend.

Bristol-Myers Squibb - BMY - Bristol-Myers Squibb Company (BMS) engages in the discovery, development, licensing, manufacture, marketing, distribution, & sale of pharmaceuticals & other health care related products worldwide. It has two segments, Pharmaceuticals & Nutritionals. All things people will continue to need despite a 'depression' or recession. They have a nice 6.89% dividend yield.

British Petroleum - BP - An energy play that yields a nice 8.25%.

All these companies will survive (unlike many financial institutions). Meanwhile you're protecting ur downside risk with the great dividends in this horrific market.

One thing l would like to add to this is do not invest all at once. For example, AT&T is at $23 as of the close of the market today. Buy $250 worth now then wait until the stock reaches $21.50 & buy another $250 worth. That is just an example. Pick a scale that u think is best & stick to it.

For on-line trading l personally use Scottrade & like it very much. There was a time where l needed cash out of my account & received the check the next day ( l did have settled funds in my account.)

An IRA is a type of account. Just like a regular brokerage account except that earnings growth r tax-deferred. You can purchase mutual funds, ETFs, stocks, bonds & other fixed income products to be a part of ur IRA. You can buy, sell, whatever u see fit. You run the IRA, unless u enlist someone to do it for you, if u do that there r fee is involved of course.

Good plan - but anything with an 8% yield is not risk free !! Go to vanguard.com and look at their index funds. Split your money into thirds and pick a stock index (the S&P 500), a foreign index, and a bond index. Then sit back and watch things grow.