Hey folks, I'm 26 and make about 30k a year so far (second year in business). I am NOT self-employed, I am an employee of a small business that my dad owns at the moment. A year down the line, we'll switch the business ownership over to me. With that said, I'd like to ask for some advice from some of you guys: 1.) I'm looking at opening a Roth IRA and was wondering if I needed to plunk down $3000+ right away? I was looking at Vanguard Mutual Funds and they have retirement packages, but it says "initial purchase minimum" is $3000 depending on certain funds (I wanted to STAR, total index market, international index market). 2.) I understand that with a Roth IRA, if you make more than a certain level in income, you can't add to it anymore. I think it's something like 95K a year. Therefore, is it easy to rollover to a traditional IRA in the future or will I incur penalties? Looking for advice. Thanks.
Since you're obviously in the U.S. I would start my search for information with the Roth FAQ directly from the IRS. Then when you talk to different entities about opening up such an account, you'll be better empowered with the information 'from the source' so to speak.