No. of Recommendations: 0
Hi, I want to open IRA's for my two teenage children. A place for them to put their earned income as a head-start on retirement savings. Fidelity Investments turned me down as they are bound by some law that prohibits them from opening an IRA for a minor.
Does anyone have any suggestions who can open IRA's for me? (for them?)

Thanks

I yam what I yam
Print the post Back To Top
No. of Recommendations: 0
It's not possible to open an IRA directly for a minor, since there is an IRA account agreement that must be signed.

You have to open a custodial IRA where you sign it and agree to make sure the rules and regulations are followed.

I suggest asking on the "Retirement Investing" board.
http://boards.fool.com/Messages.asp?bid=100154
Print the post Back To Top
Advertisement