Hello everyone, I'm 28 and looking to open a Roth IRA and I wanted to run an idea by you all.
So I have no retirement, make 26k after taxes, and my mom is 76 (why that matters later).
I was thinking since my annual cap for investing in my Roth IRA is 6k, and my mom's annual cap is 7k since shes over 50; I would open one in her name and one in mine and max them both out the 1st year. I would be her beneficiary obviously, and she would know I'm doing all this because morals.
What do you all think?
I am confused how I would proceed in year 2, do I contribute to hers or mine?
I can only add to 1, the other will sit with it's initial investment amount for a long, long, long time I hope. But both will be generating 8% returns hopefully. The plan is to then, in time, roll (or merge) her Roth IRA portfolio into mines, assuming I don't die a stupid death obviously. Is this a problem? I need to save for retirement, it's officially hit me with anxiety that I don't have one. Would appreciate all the advice, thanks for reading.
Submitted September 23, 2020 at 10:29PM by night327 https://ift.tt/2G7ci8l
