Roth IRA – college student
My 19yr old daughter who is a college student wants to open an Roth IRA with $1000. I don’t know a lot about these. Where to start? Does she have to deposit a certain amount each month?
Terry Says
You must have EARNED income to open a retirement account! Did she have earnings in 2020? If so, go to Vanguard.com or Fideilty.com and they will help her open the account — She should choose the S&P 500 Stock Index fund for her investment. And, of course she should know that she can’t take it out till she is age 59-1/2!
Please buy her a paperback copy of my latest book, The Savage Truth on Money, on Amazon. It will explain all of this — and much more she needs to know. How nice that she is interested.