Can you get a Roth IRA at any age?

Question

I'm 15 years old. Do I have to get a custodial account, or can I get a regular one?

Answer 1

You will need to have a custodian.

Way to go on thinking about getting something like this started !!!*high five* be sure to bring this up to friends too and get them headed in the right direction.

Next, try owning some stock. Search the web here for "direct stock purchase plans" and get into some companies with out a broker. You can request prospectus' from any company for free and learn about it. I started my son doing this at age 13 and he is off and running !

WAY TO GO KIDDO !!!

: )

Answer 2

You have to have a custodian because of your age but it's no different than any other roth ira other than the custodian is the one who is authorized to transact on the account on your behalf. You have to have earned income during the year in which you are making a contribution in order to qualify for a roth ira and can only contribute up to the amount of your earned income or the maximum allowable whichever is less. It's a great idea though and I would strongly encourage you to set one up. You'll be thankful you did later in your life.