My brother is 24 and he doesn't qualify for a Roth IRA.?

My brother is 24 years old, and since he was 22 he hasn't been able to qualify for a Roth IRA because of his income. He has been fully funding his Traditional IRA since he was 22, is it still beneficial for him to have a Traditional IRA over a Roth IRA. He wants to pay taxes before hand, rather then when he is retiring. He knows that when he retires he will be in a lower tax bracket and he will be taxed less. What other benefits does he have with a Traditional IRA.

Also I am 22 years old and I am college student. I do not work but is there a way I can have a Roth IRA account.

I thought you needed to work to qualify for a IRA account because of the tax liabilities ? How were you able to do so ? I am lost in words because I am researched throughly and I don't under the legality to do so with out earning income. I know a few people that do not work but they do have an IRA acount.

If your brother doesn't qualify for a Roth it sounds like his annual income is too high.

A Roth is fully available to single filers making up to $95,000 a year and couples making up to $150,000 a year. It also allows you great flexibility by allowing you, in many cases, to withdraw your principal contributions at any time tax-free, without penalty.

I don't see how you couldn't qualify for a Roth IRA. I've had one since high school, and I definitely wasn't working then. Ask your bank about it. If you can put in the minimum amount for the Roth IRA (or regular IRA), I would assume you be allowed to open one.

I'm not a financial expert, so I welcome any corrections from anyone who knows more about the matter than me.

I guess he makes too much money to have a Roth IRA. If he is employed, perhaps he could make use of a 401k plan to help plan for retirement as well.

You should be able to have a Roth IRA. Parents are capable of opening a Roth for their children so you should be able to have it opened for yourself - I am assuming you have a way of funding it.

Who is you're brother trying to get an IRA from?

T. Rowe Price will allow him to have a Roth IRA. However, he will not be meeting with a financial adviser and will be doing all of his investing by himself.

If he goes through T. Rowe Price, he will need to open a mutual fund with them. He can then roll his mutual fund into a Roth IRA. With a mutual fund, you can withdraw money that you have investing into the account, from the account. But you cannot withdraw any of the interest you have occurred on the investment.

If your brother wants additional tax free income and he makes to much for a Roth he needs to look into purchasing Invesment grade life insurance or a Variable Univiveral Life Policy. He can put in large amounts of after tax money in, 10 to 20 times what a Roth will hold, and withdrawl it later tax free.