I am seeking a company that will open an IRA account for my son. He is only 3 however he is doing modeling jobs and has an income that I would like to put away for him. Any help would be great. None of the on line places will open under 18 yrs of age, Thanks..Suzanne
None of the on line places will open under 18 yrs of age, Scottrade opened a custodial Roth for my younger son at age 16 two years ago. Janus opened a custodial Roth quite a few years ago when my older children were under 18. My suggestion would be to call your local Scottrade office(there is a $500 account minimum) or to call wherever you want to open the account and talk to a person and explain what you want.rad
Perhaps better than an IRA is to open a 529 account to save for his college education.FuskieWho recommends looking into Utah's plan...
Perhaps better than an IRA is to open a 529 account to save for his college education.Be sure to read all the rules for a 529 opened with the kid's money. there are some differences in how the account can be handled.rad
Perhaps better than an IRA is to open a 529 account to save for his college education.I'd do the Roth before I'd do the 529. The child is entitled to have a Roth because he has earned money. With the Roth, he is not limited to having to use the money for any particular expenditure, and he could take the contributions out tax-free if he needed them for college. It can't be known at this time if he will go to college, and I'd hate to see him end up either with penalties to access that money or having to change it to another beneficiary which would mean giving it away.No, I'd definitely stay with the flexibiliy afforded by the Roth, and I'd prefer to see the child actually saving it for retirement. Just think, if he's saving retirement money from the time he's 3, he should have a nice pile by the time he is older, and could be looking at an extremely early retirement if he so chooses.I think sometimes we get so focused on providing for college that we forget there are lots of ways to do it including those that don't lock the money up for that one and only expense. And there is also the possibility that the child won't go to college, or that the money is needed for something more immediate such as medical expenses.I would think long and hard before putting the money into a 529 that the child funds for himself over putting it into a Roth, and then a taxable account if it exceeds the Roth limit.
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