Is there a minimum age for setting up an IRA account? Our son is only 16, but he wants to set aside some of his income for retirement. Obviously, we want to encourage him to do it.
There is no federal minimum age, but there must be earned income. You'll have to check with your financial institution, however, because state law and institution policy may affect an institution's ability to offer an IRA or other accounts to a minor.
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There is no federal minimum age, but there must be earned income. You'll have to check with your financial institution, however, because state law and institution policy may affect an institution's ability to offer an IRA or other accounts to a minor.
