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A Roth IRA is a great way to start saving for your children’s future. But before you open a Roth IRA for your kids, there are a few things you should consider.
First, you should make sure your children are old enough to open a Roth IRA. Generally, you must be at least 18 years old to open a Roth IRA, so if your children are younger than that, you’ll need to wait until they’re old enough.
Second, you should make sure your children have earned income. A Roth IRA is an individual retirement account, so your children must have earned income to contribute to it. This could include income from a job, self-employment, or investments.
Third, you should consider whether you want to open a traditional or Roth IRA for your kids. Traditional IRAs are funded with pre-tax dollars, while Roth IRAs are funded with after-tax dollars. This means that the money in a Roth IRA can grow tax-free, while the money in a traditional IRA is taxed when it’s withdrawn.
Fourth, you should consider how much you want to contribute to the Roth IRA. The maximum contribution for a Roth IRA for 2020 is $6,000, but you can contribute less if you’d like.
Finally, you should consider where you want to open the Roth IRA. There are many different financial institutions that offer Roth IRAs, so you should shop around to find the best option for your family.
Opening a Roth IRA for your kids is a great way to start saving for their future. But before you open a Roth IRA for your kids, make sure you consider these five things.
great advise!
Is this Roth IRA your only Roth IRA? Because if you have one for yourself + one for your kids but under your name for both you can only contribute $6500 between both accounts.
So what account do you use in the end?
But you can give money to your kids as a gift if their to young to work on a kids Roth IRA. The total amount of gifts you give one person can't exceed $16,000 annually, or you risk having to pay a gift tax. But on the Kids Roth IRA the limit is $6,000 only down fall.
The kid can model at any age for a company calendar or advertisement.
Maybe an account in a trust’s name.
They don’t have earned income
I totally disagree.
1) kids Roth accounts do not count on FAFSA
2) kids making good money at ages 15,16,17,18. They pay NO taxes until they make over 13,000 per year (standard deduction)
3) if they needed to access money for emergency they can take out principal at anytime.
4) I do Daddy match, if they put 3,000 then I put in 3,000. Get them ready for job that does matching when out of school.
5) I do agree with any extra monies in parents name.
6) remember it’s about time in the market then timing. Get the kids tax free dollars to work early!
What about a grandparent's IRA (provided that they are working or that you hire them for some purpose)? That way, you can save for your own retirement in your IRA and then also have one for the kid.
Smart
Thanks Eric
What kind of an individual account? Great video
That's a great idea!