Hi @theamericanss! Thanks for writing in.
First of all, let me say how awesome it is that you're thinking about your financial future so intentionally at age 19. This discipline and diversification will surely serve you well in years to come.
It sounds like you already have an emergency fund in your high interest savings account which can cover a few months of living expenses in case of job loss, which is great. If you'd like to start saving for retirement, a Roth IRA allows you to contribute money now, allow it to grow, and withdraw it tax-free in retirement.
While many people your age aren't even thinking about retirement, that doesn't mean it's a bad idea - in fact, it's the opposite. The earlier you start investing, the more the power of compound interest will work in your favor. If you have the extra cash flow and are in a good spot for your near term financial needs, it's never too early to start thinking about retirement.
For 2019, you can contribute up to $6,000 per year, assuming you've earned at least that much in taxable income. There are income limits to Roth IRAs - for 2019, you can only contribute if you've earned under $122,000 annually (modified adjusted gross income). (If your income exceeds the threshold amount now or at any point in the future, you can still keep the account, just not contribute in that tax year.) Otherwise, opening an IRA is a relatively straightforward process.
Let us know if you have any specific questions! Have a great day 🙂
