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Tweens and Teens
Reply to "Does your teen have their own IRA or Roth?"
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[quote=Anonymous]We opened Roth accounts for our teens as soon as they started earning any money (still just odd jobs for the younger; the older one also has a regular paycheck these days). We match their contributions at 4:1 -- which basically means 100% of their earned income ends up in their Roth accounts and they also keep 80% of what they earn as walking around money. As a practical matter of real world logistics, if one of them makes $100 helping a neighbor move, they'll hand over $20 to us and we'll deposit $100 into their Roth account. It might be easier for us just to fully fund their contributions, and we could do so without feeling any pinch, but I think it's beneficial for them to feel a bit of a bite and have some personal skin in the game. (I probably would have limited our match to 3:1 or 2:1, and spouse probably would have fully funded, so 4:1 is where we are...)[/quote]
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