No. of Recommendations: 0
I took note of some recent articles in the FF strategies area regarding Roth IRA accounts for children. Articles seemed to indicate that my child could open a Roth, so long as he has income, regardless of age. Contribution amount is limited to the lesser of $2000 or actual income. After some quick TVM calculations, I figured that even just a couple hundred dollars, if deposited now, would grow to millions (assuming a reasonable rate of return) by the time my son is 59. Sounds pretty smart. But when I tried to open a Roth account in his name with my OLB, they indicate that applicant must be at least 18 years old. Does anyone know if this is an IRA restriction, or is it just that my OLB doesn't accomodate this situation (or doesn't know that they should)? Has anyone else had success in opening a Roth for a minor? If so, I would be greatful if you could point me in their direction. Thanks, in advance.
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement