What is the age requirement for a Roth IRA? Age limit?
Make sure you that at least some of your investments will be converted to cash in a hurry.
Simply.
There is no age requirement for Roth IRAs. Anyone with earned incomefor the year can open a Roth IRA. There is no age limit; you can own, maintain, and even contribute to your Roth IRA forever.
Extended.
A Traditional IRAhas an age limit; a 401khas an age limit; a Roth IRA does not have an age limit.
| Use Mint to manage your budget for FREE |
Examples
Age Requirement.
Tyler, 7, is a member of Disney's hit new TV show. Due to his manager's negotiations, the young star commands $6,000 per episode due to his growing fan base. Tyler, in theory, can open a Roth IRA and fund his account with a maximum contribution. His age is not an issue.Age Requirement.
George Clear, 82, is an expert on environmental science. He sold his firm, Clear Earth, but still has a consulting contract with the Government of Texas. George makes $39,000 per year. George can still contribute his $5,000 + a "catch up" contributionof $1,000. His age is not an issue.blog comments powered by Disqus
RetireSimply Guide to Roth IRA
TIP OF THE WEEK
RetireSimply Guide to Roth IRA
SIMPLY ARTICLES
NEW ARTICLES
Preparing for the Long(er) Haul
Making Structural Adjustments on an Individual Scale
TIP OF THE WEEK
If you converted or rolled over amounts to your Roth IRAs in 2010 and did not elect to include the entire amount in income in 2010, you must include part of the amount in income in 2011.
RetireSimply Guide to Roth IRA
SIMPLY ARTICLES
NEW ARTICLES