You act like $2,000 is some astronomical amount…when in-turn you have to
realize there are many young responsible investors that smell the coffee
and realize that saving for retirement, house down-payment, next big
purchase etc. while they have a somewhat disposable income/limited
expenses would probably be a bright idea instead of starting at 30-35 yrs.
old which would be much worse than “squandering” a measly $2000 at half
that age and then getting back on track. Regardless of what you would like
to think, age (minor or not) is not a determining factor to the discount
brokerage firm…as long as you have earned income with which to open and
contribute to the IRA account.

dan

Rich Carreiro <rlcarr[at]animato.arlington.ma.us> wrote in message news:<m3vffjt6o3.fsf[at]animato.home.lan> ...
- quote -

Another problem with opening any IRA for a minor is that it will
present an opportunity for the child to squander the money, not save
it for retirement.

Had I been a teenager with, for example, an IRA worth $2,000, that
would have been a huge temptation for me! ;-)

Rich,
The rules are quite clear to me. Not once did I mention anything about a
Traditional IRA. In a ROTH IRA, there's no age limit on contributions and
minimum distributions are not required, so you can keep your money in your
account as long as you live. You can contribute to a Roth IRA even after
you reach the age of 70-1/2(UNLIKE A TRADITIONAL IRA) as long as
you’re earning money, only income can't be from unearned sources,
such as investments. You must get paid wages, a salary, bonuses etc

Dan

"Valueinv" <lbackerdm1[at]aol.com> writes:

- quote -

No, you can't. You cannot make a traditional
IRA contribution if you are over age 70.5.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

Age is not a determining factor. As long as you have earned income with
which to open the Roth IRA account, and as long as you are under the
adjusted gross income (AGI)limitations, you can make an IRA contribution
regardless of age. Also, basically any discount brokerage firm will let
you open a Roth with a minimum of $500.

Dan

"Elizabeth Richardson" <erichktn[at]worldnet.att.net> writes:

- quote -

You can 1 days old, as long as you have earned income.

That said, some brokerages/fundcos won't/don't like to open
IRA accounts for <18 year olds because of minors' inability
to sign a binding contract.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

I thought you had to be 18 to open an IRA. Am I wrong? I'm too lazy to go
look it up, so thanks to one of you for answering.

Elizabeth Richardson