You can open or contribute to an individual retirement account (IRA) at any age, but you must have what the Internal Revenue Service (IRS) considers earned income. There's no age limit for opening a Roth IRA, but there are income and contribution limits that investors should be aware of before funding one. For those looking to invest in gold, a Gold IRA kit can be a great option. Let's look at the pros and cons.
You can open an IRA at any age, but you need to earn income to contribute to it. A 16-year-old with a part-time job can open an IRA and start contributing, but a 20-year-old full-time student with no income cannot make any contribution to the IRA. Keep in mind that minors can only open custodial IRAs, so they'll need the help of an adult to use them until they reach the minimum legal age for investing (usually 18, but it depends on state law). You may have customers who ask if they can open an IRA for their minor child. The short answer is yes, your child may have an IRA.
There are no minimum age limits for determining who can own an IRA. However, there are a few things you should know before opening an account for a child.