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Money and Finances
Reply to "Roth IRAs for Kids"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]an amount equal to kid's w-2 income[/quote] +1 This is the rule [/quote] Op here. Explain to me like I’m 2. So each year you put in the amount they earn from summer jobs, etc. into the Roth? How long do you do this for? [/quote] I think they mean that you can only contribute as much as they earn on their w-2 income (or the annual max but kids usually don't hit that). It's not something you *have* to do, but if you have the money it's a way to kick start their savings. To me, the idea of teaching them about retirement savings and how money compounds and grows is more important than a $1500 contribution when they are 19. It's not nothing, but it's also won't affect their retirement lifestyle. Personally, if I can I plan on doing this for my kids until they get their first full time job. Then they can save on their own. [/quote]
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