You Can Start a Roth IRA.. HOW YOUNG??

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How young can you start a Roth IRA? Now this isn’t the typical question you receive from a 7 year old but it is an interesting question nevertheless because the earlier you start a Roth IRA the more money you can retire with, tax free.

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What is a Roth IRA?
A Roth IRA is a retirement account set up between you and an investment firm. Your employer is not involved in this transaction like it is with a 401k.

Within a Roth IRA you have quite a bit of investment freedom to buy specific stocks, index funds, or whatever you like to invest in within the account.

A Roth IRA is funded by after-tax money unlike a 401k. You earn your income, pay regular income taxes on it, and can invest that into your Roth account.

The tax benefit to a Roth IRA is you don’t have to pay taxes or fees to take money out if your account is at least 5 years old and you are at least 59 1/2 years old.

What this means is you don’t have to pay taxes on all the money you earn through the compound growth in the account.

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