Does your teen have their own IRA or Roth?

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[Post New]07/12/2023 15:31
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Anonymous
My DD’s summer earnings are sitting in a savings account and I think it would be nice for her to start an IRA with Fidelity so she gets in the habit of long term saving. At what age did your kids start their retirement accounts?
[Post New]07/12/2023 15:33
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Anonymous
Anonymous wrote:My DD’s summer earnings are sitting in a savings account and I think it would be nice for her to start an IRA with Fidelity so she gets in the habit of long term saving. At what age did your kids start their retirement accounts?


Why does that matter? Open one for her. She will thank you later.
[Post New]07/12/2023 15:58
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Anonymous
We started Roth IRAs for each kid at 15, as soon as they had earned income.
[Post New]07/12/2023 17:36
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Anonymous
We offered to match what our teens put away as soon as they started earning money outside of babysitting. One took us up on it at 15 (lifeguarding) the other did not
[Post New]07/12/2023 18:13
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Anonymous
Anonymous wrote:We started Roth IRAs for each kid at 15, as soon as they had earned income.


Same. We also funded them and let our teen keep the money he earned. I imagine we will continue to do so for a while.
[Post New]07/12/2023 20:23
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Anonymous
My dad did this for me at 19. I am now 49 and VERY grateful.
[Post New]07/12/2023 20:28
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Anonymous
They got them at age 15 when they started lifeguarding and other odd jobs.
[Post New]07/12/2023 20:31
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Anonymous
Mine (21) just opened her own this summer
[Post New]07/12/2023 20:32
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Anonymous
Anonymous wrote:
Anonymous wrote:We started Roth IRAs for each kid at 15, as soon as they had earned income.


Same. We also funded them and let our teen keep the money he earned. I imagine we will continue to do so for a while.


Also same. We match every dollar they earn with a dollar in their IRA. They save/spend/share their income.


[Post New]07/12/2023 21:34
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Anonymous
We also opened at age 15 when he has his first W2 income. My oldest contributed 3K at 15 and is on track to earn 5K each this summer at age 16.
We match the earned income with a Roth contribution.
[Post New]07/12/2023 21:41
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Anonymous
Open one as soon as they have w-2 income, open a Roth. Put in an amount equal to their w-2 income. Invest in zero fee index fund. Repeat each year until they graduate from college, as least
[Post New]07/12/2023 22:19
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Anonymous
We opened a ROTH IRA for my son when he was 15, and one for his younger sister when she was 13. Once they were both earning income from outside sources (sumner job and pet sitting a neighbor’s pet). They contributed
all funds that they earned and grandparents generously offered to match the money so that they also earned some spending money.
[Post New]07/12/2023 22:31
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Anonymous
Do they have yo have income from jobs where taxes are withheld, or just like babysitting or or lawnmowing?
[Post New]07/12/2023 22:33
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Anonymous
No we have them start at 25.
[Post New]07/12/2023 22:35
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Anonymous
Anonymous wrote:No we have them start at 25.

A good 10 years of lost compound interest.
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