How old must a person be to have money in an IRA?
407700
you can be any age, but you need EARNED INCOME. Can't be interest income or dividend income used for the contribution.
732585
you are correct - you should have 3 yrs of savings and if you are young and working invest in stocks and bonds (deversfy) but if you are older  coming to retirement best to  invest in guaranteed CD's then you know your money will be safe
137281
Start a 529 College Savings Plan for him....he can access the College Savings plan a lot sooner than he can access the IRA - he has to be 59 1/2 to access the IRA, you can set it up to allow him to access a 529 account at age 18.
220732
legally you have to be 18. But you could buy stocks at any age as long as it is on the internet and an adult must be a custodian of that account.
926705
You must be 18 years old to open a Saving's account...however, your parent or grandparents may open a savings account listing you as a minor.  Then you can deposit your money, but you may have to have 2 signatures to draw it out.  There is usually a minimum balance required on Savings accounts, usually $50.00 to $100.00.  The only other alternative to a double signature to with draw would be if a Debit card were ordered with the account, and then money can be drawn on the card thru an ATM  Hope this helps........Banks differ, but minors cannot be held liable. that is why an older adult is most  of the time required on the account with the monor.
133917
At a younger age, the Roth is the best way to go. All your earnings and withdraw will be tax free. Also, in certain "situations" such as buying a home for the first time or medical bills you can have access to the funds, but generally you will have to wait a while to get your money. This savings vehicle should probably be combined with something like a 401k-especially if you can get an employer to match. Finally, you can get a credit for your retirement contribution on your taxes if you meet certain AGI restrictions. It is called the Retirement Contribution Credit, and, as I understand it, can be applied for Roth contributions. You have until 3/15 to contribute for last years' Roth-if you so choose. Good Luck!
590996
That depends on whether you need the money right now or in the near future, or not.\n\nIf you need it, best to put it in a high earning liquid account. Go online to bankrate.com and see the various rates offered with some of the highest rates.\n\nIf you don't need it, investing in something that will make you money over time is a good idea. Suze Orman has great books on money, investing and wealth, I suggest you take a look at her books. Any good advisior will tell you do diversify, meaning don't put all your eggs in one basket. Make sure at least 1/3 is in something completely different than the next 1/3 and that is different from the other 2/3.  \n\nIf you are young (under 30) you can be more aggressive with your money, put it into more growth.  If you are older (over 45), best to be a little more cautious. If you are even older (over 60) you need to start thinking about being in safer investments since retirement is just around the corner.
242442
401K plans are used as an incentive to stay at the company just like when they chip in for medical expenses.  The company may not trust the under 21 crowd if they are having problems with job hoppers.  It can really be a headache for those running the 401K plan.  If they have that policy, ask them why it's like that.  You can start a tax free ROTH at 18 if you want to wait.
531660
You should talk to a representative at your financial institution where you have your IRA. They will be more than happy to give you individualized suggestions.
4569
30 years of contributing the max to a Roth IRA each year should create a million.  If you have a 401k at work that offers matching, contribute enough to get the max of the match.
827559
You can actually draw all of it at age 59 1/2 without penalty but you will have to pay income taxes on the tradtional IRA but not the Roth.  The mandatory withdrawal starts at age 70 1/2 and is a formula based on your life expectancy.  The company you have the account with can give you the minimum you must withdraw each year to meet the IRS rules.
743149
There is no official minimum age of retirement here in Canada.  The average age is 65, but you can start collecting pension sooner than that.  It just depends on your circumstances.
223414
As the other people have said, you can start either a regular IRA or a Roth IRA.  The money in these can be invested in a CD at a bank or into a number of other items, such as mutual funds.  The problem with having just the IRA is that you are limited as to how much you can invest.\nBesides the IRA, you may want to think about investing in an annuity.  In an annuity, you earnings grow tax deferred until retirement.  At retirement, you can have the money paid out as a lifetime income.  There generally is no limit as to how much money you can invest in the annuity.\nThere are different types of annuities.  You can get fixed, indexed, or variable ones.\nThe best thing I would recommend is talk to a financial representative to help you decide which plan best meets your needs.
303136
You may own securities at any age, but you may not set up your own brokerage account to purchase and sell securities until you are 18.  \n\nYour parents can set up an account for you as soon as you have an SSN - right after birth, if they so choose, but you will be unable to trade in that account until 18.
38552
No it is not to late to contribute to a Roth IRA for the 2005 year. You have intil April 17th this year. Because of the 15th falling on the weekend. Just remember do not contribute more than 3000 a person for the year otherwise there will be a penalty.
362002
You need to choose a custodian for your IRA, and request the employer to have the lump sum transferred to that custodian.  This will take some planning, filling out forms, etc. Check with HR, and of course with other recent retirees.\n\nIf you plan to retire 2 years or so in the future, just file the info away for future reference.  But a layoff could hit sooner, so it's good to be prepared!
219511
You should check with whoever is managing your plan, or your accountant should know, but this might be helpful:  \n\nDo I have to withdraw all of my 401(k) savings when I reach age 70½?\nWhen you reach age 70½, you're required to withdraw a minimum amount depending on your life expectancy. An actuarial table showing life expectancies is available from the Internal Revenue Service (IRS). You must begin receiving these payments by April 1 of the calendar year following the year you turn 70½. \n\nTo determine your required minimum distribution, divide your 401(k) account balance by the number of years remaining in your life or by the remaining joint life expectancy of you and your spouse. Try the calculation both ways. You may find it more advantageous to determine your mandatory withdrawal amount by using both life expectancies instead of yours alone. \n\nYou may have to recalculate this mandatory distribution amount each year because of your account balance and life expectancy. \n\nYou must pay income tax on each of these mandatory distributions. You cannot roll the distributions into an IRA.