Opening a Roth IRA?

Question

Can I open a Roth IRa even if I'm going to work for 2 month? If I stop working, can i still contribute? Also, what kind of documentation do i need to open a roth ira?

Answer 1

Yes you can.  As as you have some earned income you can contribute to an ROTH IRA.  The maximum amount you can contribute per year is the yearly max amount of an IRA or the whatever you have earned in income whaterver is lesser.  For a IRA most bank will let you open one for $100 or less, but if you want bigger dividends you have to open a ROTH CD and this is where the minimum balance may be $500 or so.

Answer 2

Most institutions require a minimal opening deposit of approx 5000.00.

If you have that it is basically a high interest savings account. You can do anything to it except withdraw funds.....

The earlier you start one the better

Just be disciplined and firm on the amount you want to contribute.

I have a 200 payroll deduction every 2 weeks.

You need a drivers license.....and you can contribute any time