[USER]

My niece is graduating (undergrad) from college next year and I want to get her started on FiRE. She won’t graduate until May 2025 and doesn’t have a job.

Can I open a Roth IRA in her name and I will put money to her Roth, is this possible? If this is not allowed, does anyone have any suggestions? Thank you!

I’m not sure what her plan is after graduation.

I think she’ll try to find a job but if she can’t or decide to go to grad school, can I open some kind of retirement account to gift her?

[Danielle]

I had the same question.

But is there a minimum income needed?? My daughter is 17 in HS brings home about 250-350/week after taxes (depending on hrs worked) I wanted to open a Roth IRA for her. Is this sufficient to do so?

Are there limits on how much I can put in for her. Or is it the 7k a year?

[Matthew]

She has to have taxable earned income. Does she work part time while at school? I would like to assume she would have a job by summers/years end whether it be her career or a temp thing.

[Dayna]

You could contribute to a 529 in her name that she can eventually transfer into a Roth IRA. That doesn’t have an income restriction.

[Author]

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