A Roth IRA is a retirement account that lets savers invest money that’s already been taxed.
But it's not just for 'grownups' collecting paychecks and W2s.
According to LifeHacker, even kids who earn money shovelling snow or babysitting can open one.
They're great vehicles for young investors, who are in lower tax brackets now than they will be in the future.
There is no age minimum for a Roth IRA. You can open one for a child of any age, as long as they earn income.
A parent must open the account as the custodian. When the child turns 18, he will take ownership of it.
Assuming a 7% rate of return, investing just $50 a month starting at age 16 will turn into nearly $250,000 by retirement!
https://offspring.lifehacker.com/open...
http://www.wochit.com
This video was produced by YT Wochit News using http://wochit.com
Open Roth IRAs For Your Kids So They Can Support You In Style | |
| 0 Likes | 0 Dislikes |
| 27 views views | 101,701 followers |
| Non-profits & Activism | Upload TimePublished on 7 Dec 2018 |
No comments:
Post a Comment