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Opening a IRA savings account for a child.

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Serenity9
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Opening a IRA savings account for a child.  Reply with quote  

Hey everyone! Smile

I was wondering if anyone had any info. or could post a link or two regarding this type of savings? A co-worker said that these are the way to go INSTEAD of a savings account, but I don't know the first thing about them. Thanks in advance

Wink

I've only got one life to live! Smile
Post Mon Feb 21, 2005 9:29 pm
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trshubby
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These links will provide you with some basic information.

http://www.bankrate.com/brm/news/ira/20021211a.asp

http://moneycentral.msn.com/content/Taxes/Preparationtips/P33215.asp

http://www.kiplinger.com/basics/managing/kids/faqs/hs~kfaq_roth.htm


I use Fidelity and they have an 18 year old minimum to open an IRA. Maybe a google search would provide you with a list of companies that offer IRAs for children.

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Post Mon Feb 21, 2005 9:47 pm
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David Briggs
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Earned income is necessary  Reply with quote  

Here is a link. Please note that the child must be earning wages in order to qualify for an IRA.

http://www.raymondjames.com/experts/seminar_series_hartman_text.htm

~~David
Post Mon Feb 21, 2005 9:48 pm
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David Briggs
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Coverdell IRA  Reply with quote  

Perhaps your friend is referring to a Coverdell Education IRA. No earned income requirement, but use of the funds is limited to tuition, books, and the like.

http://www.bryantgroup.com/kidscorner.htm

~~David
Post Mon Feb 21, 2005 9:53 pm
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SnapThat
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I know that you can get a child an IRA 'cause my parents have had a Roth for me for a while now. As for using one instead of savings, I'd say use one in addition to a savings account.

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Post Mon Feb 21, 2005 11:00 pm
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arkan
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The Easiest way to become a Millionaire  Reply with quote  

[pyramid scheme removed]
Post Tue Feb 22, 2005 1:24 am
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Serenity9
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Thank you all sooooo much! Its all really helpful. Wink

I've only got one life to live! Smile
Post Tue Feb 22, 2005 7:53 pm
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