You can only contribute to an IRA if what you contribute comes from what is considered earned income. There is no age limit or limit for making contributions to the Roth IRA. For example, a teenager with a summer job can establish and fund a Roth IRA. You may need to be a custodial account if you are minors.
While Roth IRAs are powerful tools for retirement savings, they come with some rules and restrictions to keep in mind. Roth IRAs have a five-year waiting period from the time you open the account until you can make unrestricted withdrawals. The IRS does not restrict investors from purchasing real estate investment trusts (REITs) or master limited partnerships (MLP) in a roth ira as long as they comply with the other rules.