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Investing/Strategies / Retirement Investing
|Subject: Re: Roth IRA w/minimum $||Date: 12/26/2001 2:08 PM|
|Author: ptheland||Number: 32916 of 75381|
You could check into accounts at your bank. They will likely have much lower minimums. Once that account has built up you could transfer the money into a brokerage or mutual fund company.
For the periodic contributions, if the minimum contribution is still a problem, keep the account at the bank open and contribute there. Then transfer funds a couple of times per year.
It's a bit more of a hassle, I realize, but the important thing at this point is to start the savings, even if you can't get it into your desired investment vehicle right away. Time and regular contributions are the biggest asset, not the specific investment.
Just an aside, your student son does have some kind of job, right? He needs earned income to be eligible for contributions to the Roth.
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