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[quote=Anonymous][quote=Anonymous]Is everyone setting up Roth IRAs for their kids now? I’m GenX and after paying for private schools and in the midst of paying tuition for private college (full pay), I’m surprised people are now also starting retirement accounts for their kids.

If you do this, how much are you putting in their accounts monthly or yearly? [/quote]

We have done this over the years OP and I strongly encourage you to do the same. Our kids are older than yours but we have funded their ROTH IRA as well as an investment account for each kid (we have 3). Each account has almost 300k (900k total for our kids). It's not life altering amount but they are still young and it will help them later.

One minor correction of responses provided... My understanding is that you do not have to have w-2 income, rather you need to have earned income. If your kid babysat your neighbor's kids, they can put that amount in ROTH. You just need to document how that money was earned in case IRS asks. [/quote]

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