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Tweens and Teens
Reply to "Does your teen have their own IRA or Roth?"
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[quote=Anonymous][quote=Anonymous]OP here. I will sit down with DD (18 yo) and open a Fidelity Roth with her online. I’d like to make her use a portion of her own summer job money (vs entirely parents funding) so she feels like she is responsible for her finances and she gets in the habit. Of course, we will continue giving cash gifts that hopefully she will invest in the Roth, after she enjoys some for college extras and travel.[/quote] 49 yr old w/30-yr IRA here. My parents explicitly gave gifts as matching money (or just investment money) the first two or three years. They didn’t hope; it was more of a led development of the habit. Incredibly effective. You are giving a huge gift that far surpasses the dollars involved! When my parents started this the max contribution was $2k/year. [/quote]
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