Does anyone know if a person can start an IRA at the age of 15?
dons2300b: You wrote, "Does anyone know if a person can start an IRA at the age of 15? I am no expert, but I have never heard of a minimum required age, but the person whose account it is must have earned income and may have some difficulty opening a brokerage account because minors are generally presumed incompetent to contract. Hope this helps. Regards, JAFO
dons2300b writes:Does anyone know if a person can start an IRA at the age of 15?I reply:Yes, as long as the person has at least as much earned income as he or she contributes to the IRA. --Bob
Re JAFO's observations: "What he said!"Even though you may not be able to put money into the market because of broker/dealer restrictions, set it aside. In a couple of years you will be able to. This way you will have accumulated a lump sum to start with. The "lost" growth from not being able to invest in the equities markets now will disintegrate into insignificance when compared to the growth that the lump sum will generate once you can put it in the market.By the way, since you will be filing your own tax return and probably claiming a standard deduction, give strong consideration to establishing a Roth IRA. That vehicle will compound the future purchasing power of your withdrawals in the out years.Congratulations on your serious pursuit of this endeavor at your age. I'm having difficulty getting people 3-4 time your age to demonstrate your maturity.Regards--dharmadollars
Does anyone know if a person can start an IRA at the age of 15?Yes!=:) Even a child of less than one year in age may have an IRA. The only condition for a traditional or Roth IRA is that you have income from employment or self-employment. The maximum amount one can put into an IRA, in any one year, is $2000. In order to put the maximum in, you must have earned at least that much from employment. If one earns less than $2000, the maximum one may put into an IRA is the amount one has earned."Jack"
If you have earned income at age 15, you can start an IRA.
Thanks to all who helped me with this question. And no, I'm not 15. I have two, teenage children. One has two soda machines, the other has two candy machines. I let them install them in my company's building. I am using them to teach them about bussiness. They have paid for the machines, own their inventory and now have some cash from profits. It's time to learn about investing. All their profits will go into the market. Their spending money comes from working at a part time job. Thanks again.
Yes!=:) Even a child of less than one year in age may have an IRA. How can a child less than one year of age have an earned income ?
Markr33 asks:<<How can a child less than one year of age have an earned income ?>>While it's rare, it's possible. My grandson was only six months old when he earned his first $1K as a model in a commercial. He ain't the only baby that happens to be as fortunate.Regards..Pixy
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