Should I start a Roth IRA and give some details on what it is?

[NY Giants and Yankees Rock!]

I am 15 and have learned that the social security will run out when I am eligible. I read this article if you put a starting amount, of $100 in it, and then $10 every month, I would probably put more in it. you will have a cool starting amount of $1,000,000 by the age of 65. From what I have seen it is kind of like a savings acount. I do have a job, so I would be able to put money in it.

[Joseph T]

A Roth IRA is a personal retirement account. Most bokerage firms offer Roth IRA's, also banks, and just about any other institution that deals with financial matters. In a Roth IRA, all your investment returns are tax free, however, you do not get a tax deduction. Time is very important - The earlier you start the greater your advantage amd the more money you will make. If you want to have $1,000,000 in 50 years @ 9% (average % return in the stock market) you will need to save $85.70 per month. The later you start, the more you will have to save each month.