Opening a Roth IRA as a Teen

I'm planning on opening a Roth IRA today online. I did my research and it looks like Vanguard is supreme due to their lower fees and minimum balances.

How do Roth IRAs exactly work? Are they like a savings account or are they an investment portfolio where you put taxed money in and Vanguard buys stocks for you?

What's a decent amount to deposit into a Roth IRA every year? I was thinking 1.5k, but I can do more or less if advised.

And is it 100% necessary to do this through a financial advisor or not? I don't want to really waste additional money if I can get good enough help and advice online.

Submitted August 13, 2017 at 01:24PM by Quinquangular


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