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Message
re: Beginner investors. My 2 teen kids.
Posted on 4/5/23 at 1:21 pm to TorchtheFlyingTiger
Posted on 4/5/23 at 1:21 pm to TorchtheFlyingTiger
quote:
Roth contributions can be withdrawn anytime no tax or penalty they just wont be able to touch the growth until retirement age
Can you do Roth IRA with fidelity.
I was thinking not only for their retirement. But have the ability to help as down payment on home when/if they decide to settle down and start a family
2
Posted on 4/5/23 at 1:30 pm to lsugorilla
Yes, all of the major (and probably most minor) firms offer Roth IRAs.
Posted on 4/5/23 at 4:05 pm to lsugorilla
Roth contributions cam be withdrawn penalty free so possible to use for home downpayment. But probably best to let it ride and grow tax free 8f possible (a decision for years from now).
529 may not be best move for child. They could t against financial aid if owned by kid (double check me on that). And while could be used to find Roth later you would miss out on amnual Roth contribution in meantime and the future Roth transfer counts against Roth in those years. So after college your kids can't fund Roth IRA and roll 529 to Roth.
529 may not be best move for child. They could t against financial aid if owned by kid (double check me on that). And while could be used to find Roth later you would miss out on amnual Roth contribution in meantime and the future Roth transfer counts against Roth in those years. So after college your kids can't fund Roth IRA and roll 529 to Roth.
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