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College Guide to Opening a Roth IRA


College Guide to Opening a Roth IRA: In this finStream TV video, Nineteen year old Mer Brown shares her experience opening a Roth IRA. To see more finStream personal finance videos and subscribe to finStream's free personal finance eNewsletter, please visit: ...(read more)


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The Roth IRA is a great way for college students to start saving for retirement. With tax-free growth and the ability to withdraw contributions without penalty, the Roth IRA is a great option for young adults. Here is a guide to help college students open a Roth IRA and get started on the path to financial security. First, college students need to choose an IRA provider. There are many options available, including banks, brokerage firms, and online providers. It is important to compare fees and services to find the best option for the individual. Once a provider is chosen, the student will need to open an account. This is usually done online and requires basic information such as name, address, and Social Security number. The student will also need to provide information about the investments they plan to make. Once the account is opened, the student will need to make contributions. The annual contribution limit for a Roth IRA is $6,000 for 2020, or $7,000 for those over the age of 50. The contributions must come from earned income, such as wages from a job or self-employment earnings. It is important to note that contributions must be made by the tax filing deadline of April 15. Once the contributions are made, the student can start investing. There are many options available, including stocks, bonds, mutual funds, and exchange-traded funds. It is important to do research and understand the risks associated with each investment option. Finally, the student should review their Roth IRA periodically to make sure it is on track to meet their retirement goals. This includes monitoring the investments, checking fees, and making sure contributions are being made. Opening a Roth IRA is a great way for college students to start saving for retirement. With careful planning and research, students can get on the path to financial security. https://inflationprotection.org/college-guide-to-opening-a-roth-ira/?feed_id=71814&_unique_id=63f1951c92166 #Inflation #Retirement #GoldIRA #Wealth #Investing #collegestudent #Northeastern #ROTH #RothIRA #VanguardIRA #collegestudent #Northeastern #ROTH #RothIRA
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