The Daily IRA will allow you to transfer a minimum of $1.00 every day for the 252 days per year that the stock market is open. The amount can be increased, decreased, or paused at any time. There are no minimums to open the account and the fee for the service is $1.00 per week. Everything is done online and takes about 10 minutes.
The actual mutual funds available for investments are from Fidelity Funds, specifically their Lifecycle Funds. The Fidelity Lifecycle funds are age-based funds that invest according to a maturity date. Investors merely choose a fund that has a maturity date that roughly corresponds to their anticipated retirement date. The fund manager then divides the fund assets between the appropriate mix of stocks, bonds, and cash that have a risk profile commensurate with the time horizon of the account.
We think this is a pretty "nifty" idea, particularly for the smaller investor or individuals who have trouble coming up with their entire IRA contribution at once. All that is really necessary is to maybe give up your daily Starbucks latte in exchange for a secure retirement. As usual, we suggest potential investors always consult with their Financial Advisor before implementing any specific investment or investment strategy.