If you invest in both a traditional and a Roth IRA in the same year, the total of your combined contributions still may not exceed that $7,000/$8,000 limit. (IRA rollovers aren't subject to these contribution limits.) See “What is an IRA?” for more on IRA contribution and ...
The 15-year-old is a gimme – get that Roth going! 🙂 And don’t forget that you can add money to it as well with the caveat that the total can only be up to the amount of earned income he made (and up to the federal max allowed each year). If the rates your 13-year-old...
Thanks, Jim! For the reply AND for being an inspiration to my family. By following your advice the last 18 months we have simplified our Vanguard portfolio and consolidated all accounts to Vanguard. We use your two fund strategy and set our investments to automatic. Max out our IRAs without...