Attempting to open a retirement account for my immigrant parents | did it work? Roth IRA w/ Fidelity
Автор: Elise
Загружено: 2024-05-26
Просмотров: 1385
Child of immigrant things - having parents who may be financially illiterate and therefore do not know the in's and out's of having retirement accounts (i.e. Roth IRAs and 401ks). In this video, I try to open a Roth IRA account for my dad using Fidelity. Much research and many hurdles later, you'll see if it worked!
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⏳ Timestamps
0:00 Intro
0:23 Why I am doing this
1:06 Why a Roth IRA
2:05 Step 1 - Choose a brokerage firm ie Vanguard or Fidelity
2:11 Step 2 - Open an account
2:34 Hurdle #1
3:25 Hurdle #2
3:40 Step 3 - Make yourself an authorized user
4:36 Hurdle #3
5:49 Step 4 - Complete Standing Transfer form at Fidelity
6:42 Step 5 - Let’s put money in!
6:52 Hurdle #4
7:07 Hurdle #5
7:24 Roth IRA requirements
8:45 Money earned on retirement account vs taxable account
9:22 What I ended up doing
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