What is the legal age or requirement until I can start saving for retirement??????

Answer 1

There is no minimum legal age to start saving for retirement. However, if you are interested in an Individual Retirement Account (IRA), often regarded as the best way to save for retirement, you will probably need an adult's signature to open an account. The other requirement is that contributions to an IRA must be taxable. If you make money from babysitting, for example, you are not legally allowed to put that money into an IRA.

The advantage of an IRA is that the government gives you certain tax breaks. You can theoretically save much more with IRAs than with regular accounts. The first link below explains this in much more detal...

Answer 2

Nothing stops anyone from saving, you can have a savings account at any age, although actual retirement "vehicles" such as Roth IRA's would require at least an adults signature, I assume. The best thing you can do, and I'm assuming you are a young person based on the questions, is to simply get yourself in the HABIT of saving money. Congrats if that is your intent. Start life out in saving mode, not in spending mode and save yourself a lot of heartache.

Answer 3

You can start saving anytime. For an IRA, you can put in as much income as you make up to $4,000, so even a 16 year old can use it with babysitting money. You can take money out when you're 59 & 1/2, or younger for a Roth IRA under certain circumstances.

Answer 4

the appropriate component to do once you're nevertheless a based is to have yet another reductions account till you're autonomous out of your mum and dad. once you get your first good paying activity i could placed money right into a 401(ok). Your long term reductions could be in shares, bonds, or mutual money to earn greater interest then a typical reductions account. i could propose doing internet searches and locate out with regard to the various making an investment autos.