Valuable Financial Lessons: ROTH IRA Accounts for Your Children and Grandchildren

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If you have children or grandchildren working this summer, opening a Roth IRA account in their name can give them a head start on their retirement savings. A Roth IRA is an individual retirement account which allows for after-tax contributions of earned income to grow tax-free with tax-free withdrawals during retirement. Parents or grandparents can open and maintain control of a Roth IRA account in the child’s name until the child reaches the age of majority, typically 18 years old. While they are able to fund it on the child’s behalf, contributions are capped at the lesser amount of the …read more

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