What is the least amount of money I can start a Roth IR with?

0 ⤊

What is the least amount of money I can start a Roth IR with?

I heard some place will let me do it with as a little as a couple of hundred. Is that true?

2007-07-27 00:54:23 · 2 answers · asked by sprtslvr1973 2 in Business & Finance ➔ Personal Finance

2 answers

The IRS does not set a minimum. The financial institution usually has a minimum amount to open ANY account. Some will allow $100 as an opening balance. If you commit to automatic transfers into the account every month, they will accept a smaller open balance than normal.

2007-07-27 02:12:00 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋

It's usually about $1,000 to open then you can contribute smaller incriments.

2007-07-27 08:03:58 · answer #2 · answered by chrisbode1 3 · 0⤊ 1⤋