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Re: Kids & IRAs.
Old 10-24-2005, 09:41 AM   #41
Dryer sheet aficionado
Join Date: Oct 2005
Posts: 31
Re: Kids & IRAs.

Hawaii labor laws allow part-time work at age 14 and she'll probably get a job at the local Kumon franchise, but again that income by itself probably wouldn't earn enough to make the minimums of a custodial account.

Last time -Account minimum: $500- Regular IRA, Roth IRA, custodial Roth IRA
No annual fee, no set-up fees, no termination fees, No Inactive account fees, No Account Maintainence fees and no-transaction fee mutual funds. Let it build to the minimum for the company that you prefer and than move it if you want. Getting IRAs started as early as possible is important in my opionion. Doesn't take a whole lot of hours to equal $500 even at minimum wage.

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