Opening an IRA as a Minor: What My Options Are
Summary:
- The user is unsure if they need to create another account with Fidelity to open an IRA since they currently have a Youth account meant for investing.
- As the user is under 18, they cannot open a regular IRA themselves.
- The user’s parents can open a Roth IRA for Kids to manage on their behalf.
- Once the user reaches the age of majority, their parents can transfer the funds to their own IRA.
- Additional information about the Roth IRA for Kids is available on Fidelity’s website.
Here’s the full thread
Do I make another account on fidelity to open up a IRA because I have a youth fidelity account and it’s only for investing.
Thanks for reaching out to us! We appreciate your interest in opening an IRA account with Fidelity.
It’s great that you have a Youth account to get started investing. If you are under 18 years old, you will not be able to open a regular IRA and manage it as an owner of the account. However, your parents will be able to open a Roth IRA for Kids and manage it on your behalf. Once you reach the age of majority (typically between 18-25, depending on the state), they will be able to transfer the funds to your IRA.
Learn more about the Roth IRA for Kids here: https://www.fidelity.com/retirement-ira/roth-ira-kids
Let us know if you have any additional questions! 🟢