So the good news is my wife became eligible for a company match SIMPLE IRA through Fidelity. The bad news I don't know anything about it.

My first thought was the Fidelity Freedom 2040. When looking at the details (found here http://personal.fidelity.com/products/funds/mfl_frame.shtml?315792101 ) I noticed a minimum initial investment of 2,500. Other mutual funds have something similar. How does that work someone just starting their IRA? Do they hold it in some other fund until we reach that amount?

Anybody have any favorites with Fidelity? As you can tell by the fund I initially looked at we are in this for the long haul. Thanks for your thoughts everyone.

Fidelity has funds available, including the Freedom funds, to invest in a SIMPLE IRA without any minimums. See this link:

http://www.fidelity.com/simplefunds/

You probably just need to commit on a monthly basis, and there are no fees.

I invest in 2040 in my Roth, I started with just $250!

Give them a call, they are REALLY helpful.

I didn't think the minimum should apply and she will be investing bi-monthly out of her paycheck so I am sure we should be able to pick and choose I the funds we want based on the info you guys gave. Thanks!

Minimums don't apply to company-sponsored retirement plans.