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Author: IndecisiveFool Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 77118  
Subject: Re: Parents IRA Date: 1/14/2004 11:34 AM
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I don't know what their incomes are individually but I am somewhat sure that they both don't make over 105,000 which I think is the cutoff..but not sure...assuming that they don't make over the cutoff, my dad would like to start an IRA for himself and my mother and is not sure if 1. he is allowed and 2. what the max contributions would be. If it is possible I recconmended Scottrade which I just started an IRA with and seems to be a great deal. As for how he should invest I think I would reccomend a Vanguard Fund like the total mrkt, or S&P500.

They can contribution the full amount to Roth IRAs if they're income is less than $150k. The allowable contributions phase out at $160k. Since they are over age 50, they can each contribute $3500 to a Roth IRA this year.


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