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Make Your Kid Rich With a Roth IRA

11 Jun

Set up a Roth retirement account for a youngster. The money grows, undisturbed by taxes, for 50 years. The kid spends it when he’s 69.

I know the technique is underutilized because I have encountered more than one financial institution befuddled by the idea that minors can have IRAs.

A youngster can put up to $5,000 a year in a tax-sheltered retirement account, but can fund it only with dollars earned working. You can help out with the dollars, but the child has to work in a real job.

via Make Your Kid Rich With a Roth IRA – William Baldwin – Investment Strategies – Forbes.

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Posted by on June 11, 2011 in investing, think

 

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