How much should a person make before starting to think about investing in a Roth account?
2006-09-19 15:53:59 · 7 answers · asked by ansurguy 2 in Business & Finance ➔ Investing
Actually Roth IRA's are only for people making UNDER a certain amount of money each year.
You never make too little to think about investing in a Roth IRA. If anything, the less that you make the MORE that you should invest...
Where else can you invest money and have the government NOT tax the income on it?
2006-09-19 16:03:24 · answer #1 · answered by The ~Muffin~ Man 6 · 0⤊ 0⤋
Any amount of income is a good time to start an IRA whether Roth or other. I had my son start his at age 14... he adds to it annually and has grown to $$ thousands $$ now and he just turned 20. He will have a bright future due to NOT sitting around thinking about it, but DOING something about it.
Never "try" to take care of you financial future...DO SO !!! Why try when you can DO ! Good luck : )
2006-09-19 16:15:56 · answer #2 · answered by Kitty 6 · 0⤊ 0⤋
There is no minimum amount you can make and contribute to an IRA. But there is a maximum of $160,000 for married filing jointly or $110.000 if you're single. The rules for inherited IRA's have changed.
2006-09-19 17:04:04 · answer #3 · answered by jeff410 7 · 0⤊ 1⤋
roths are for anyone no certain amount needed and you can start one with like $50.00 and you dont need to make a certain amount a year
2006-09-19 15:56:27 · answer #4 · answered by isthisthingon79 3 · 0⤊ 0⤋
No, in fact they are only for people who make under a certain amount of money.
2006-09-19 16:37:59 · answer #5 · answered by Anonymous · 0⤊ 0⤋
If you inherit an IRA from someone who has died, you have to draw off a certain percentage each year regardless of the "type" of IRA it is.
2006-09-19 15:56:04 · answer #6 · answered by ihave5katz 5 · 0⤊ 2⤋
no, they are for anyone with income. you make $200, you can invest $200. good luck.
2006-09-19 15:55:41 · answer #7 · answered by Hushyanoize 5 · 0⤊ 0⤋