How a Roth IRA for kids worksYes, kids can have their own Roth IRA — and, just like for adults, the IRS rules are pretty straightforward.
There's no minimum age requirement for contributing to a Roth IRA; if a child can earn money, they can have a Roth IRA.
watch nowMore about those income requirements: To contribute to a Roth IRA, the child must have earned income.
Why I like the Roth IRA for youngstersI think of the Roth IRA as the "golden egg" savings vehicle for young people because not only is the account tax-sheltered, it also has the benefit of liquidity.
Establishing a Roth IRA for youngsters is a powerful way to set them on the path to financial security.
Persons:
Roth
Organizations:
Roth IRA, IRS, Social Security