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The Roth IRA and Roth IRA for Kids

Saving may always be difficult, especially early in life when there are so many competing expenses. However, making the sacrifice to set up a retirement account as a young adult could have unmatched financial rewards. The money invested may multiply 50, 60, 70, or 80 times. $2,000 invested during your early 20s could easily grow to over $100,000 by retirement age. If the money is in a Roth IRA you never have to pay taxes on the investment returns or the withdrawals. Vanguard has great low cost investment options for a Roth IRA.

For parents of working teens a Roth IRA for Kids will pay tremendous dividends over the course of a lifetime. The only requirement is an earned income. I'm not aware of a better investment than a lifetime of tax-free compound returns.

Fidelity offers an account for those under 18. There is more information here regarding the Roth IRA for Kids.  

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Wednesday, 18 July 2018

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