I've got about 3 years left until I graduate with my Masters Degree. I'm paying for my own education out of pocket with grants and working and a MGIB I got while in the service.
At 22 and still not even into my first career job, am I too young to open up an IRA?
2007-12-27 00:30:27 · 11 answers · asked by Judy 5 in Business & Finance ➔ Personal Finance
no your not too young. remember, the best return on investments is time. that's awesome you're 22 and looking at starting an IRA. congrats to you. and gl on your masters too.
also, check USAA, since your a vertern you can join and they have awesome retirement and investment options.
2007-12-27 00:38:50 · answer #1 · answered by michaelb 3 · 2⤊ 0⤋
You're employed, so you're eligible. There is more than one kind or IRA and some assorted rules. Check out details here:
http://www.smartmoney.com/retirement/ira/index.cfm?story=supertable
At your age, the Roth makes a lot of sense.
Realize you can invest in things other than a bank account or CD--like stocks. If you don't know what to do, start educating yourself on the subject. At 22, you've got a lot of saving to do and you should assume you will have NOTHING coming from the government to you--ever.
Good luck.
2007-12-27 02:00:19 · answer #2 · answered by heyteach 6 · 1⤊ 0⤋
it extremely is in no way too early to open an IRA. reckoning on the tax income you like, a Roth could be greater advantageous in case you propose on making massive money afterward in existence or in case you're early on on your occupation whilst you evaluate it extremely is taxed up front. in case you like the tax deduction now, get a ordinary.
2016-10-20 01:14:40 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No - as long as you have earned income, you can open an IRA. Check Vanguard or T. Rowe Price to name tow places.
Also see www.ira.com for more info.
2007-12-27 02:03:31 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Not at all! I was about 21 when I started mine with AMEX (now Ameriprise) and have been on auto draft since day one. It's easy to contribute every month because I don't have to think about it. Do it now while you're in school. You'll be miles ahead of most.
2007-12-27 00:56:46 · answer #5 · answered by lilmissqtpye 2 · 0⤊ 0⤋
no your not too young to open tjios account you can have one from anay age really.. as long as you stick to the deposit limit per tax year you will be ok.remember try and not withdraw as this effects your interest gained in april.
2007-12-27 00:46:08 · answer #6 · answered by Anonymous · 0⤊ 0⤋
you just need income to offset the IRA contributions against
2007-12-27 00:53:23 · answer #7 · answered by Anonymous · 2⤊ 0⤋
no not at all
let your money grow
we need more smart young adults who want to save
unfortunately we will all have to rely on that soon for retirement
it is best to start early
2007-12-27 00:33:45 · answer #8 · answered by Nolan's Mommy 3 · 0⤊ 0⤋
nope - if you can hack it - jump for it - and consider the Roth IRA
have a great 2008
and GL on your masters!
2007-12-27 00:33:10 · answer #9 · answered by tom4bucs 7 · 0⤊ 0⤋
no check with the IRS as to th rules the earlier you start saying money the better off you will be
2007-12-27 00:33:23 · answer #10 · answered by Anonymous · 1⤊ 1⤋