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Reply to "Roth IRAs are great "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]DC1 started a Roth at 18. We put in the entire money earned that summer into it (about 2.5K). Since then he's contributed the full extent possible based on internship and on-campus earnings. About $25K in it now. He'll leave college with $30K+ in his Roth. Hope to do the same for remaining kids as well. [/quote] All of his earned summer money was put away? What did he use for spending money?[/quote] DP: we "match" our kids earnings up to the Roth Max once they started working. We also still give them 99% of their spending money, even when in college. So my kids just save/invest what they are earning and put the max in the Roth. By the time they are 30, they will have 1.5M at age 65 even if they never save anything else (dont' worry, they will continue to save). The compounding is huge if you can afford to gift your kids the money to save it all [/quote]
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