How much money do I have to have to open a Roth account. Can you explain it to me?

Question

Do I go to the bank and tell them I want to open a Roth and contribute to it, or do I go to the bank with a certain sum of money...say $1000. and tell them I want to open a Roth.
How does it work? Do you contribute to it monthly and what is the smallest amount you can open a Roth with.
I dont get how it works. I hear its a good investment idea.

Answer 1

As long as you have earned income below the maximum limits ($110,000 single; $165,000 married) you can open a Roth. You can contribute each year either all at once or in installments.

Lots of financial institutions will allow you to open a Roth. Banks...Mutual Fund companies...Investment firms...Insurance companies...etc.

This is a good article about getting started:

http://www.fairmark.com/rothira/howto.htm