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Money and Finances
Reply to "1%ers: What are you doing with your $$ before Dec 31? "
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[quote=Anonymous][quote=Anonymous] All things considered, we're better off if teens are saving for retirement, don't you think? [/quote] And if they work. I'm all for teens (inclduing wealthy teens) having jobs in the summer, as opposed to non-stop travel, camps and hanging out. Good job, 1% parents![/quote] Wait. One of you pointed out that the Roth IRA can be withdrawn at any time before retirement. That really the only purpose is to let their summer job earnings accumulate earnings tax free until the kid feels like withdrawing it. So let's be clear here: we're not teaching kids about saving for retirement -- instead we're teaching them about tax strategies. Guess it's something a 1% kid would need to know about.[/quote]
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