If you take earnings on your account out before you turn 59 1/2 years of age, however, you could pay a 10 percent penalty unless you meet one of the exceptions to the rule, such as disability, extended unemployment and health insurance premiums, or buying a home (see IRS Publication 590, Individual Retirement Arrangements, for details).
It's easy to set up a Roth IRA account, too. Just determine how you want to invest your money. For example, if you want to invest in stocks choose a brokerage. Give them a call, and they'll send you everything you need.
The sooner you start saving money in a Roth IRA, the longer your money can work before you need it. The magic of compounded interest still takes time to work, so not only will you be way ahead of the game if you start putting your money to work now, but you will already be in the habit of paying yourself first every payday, not waiting to see if you have money "left over" to put in savings.
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