Roth IRA - Younger the Better!
If you're looking for ways to financially help out your children or grandchildren, a Roth IRA could be an option.
Earned income is the key! Click "Learn More" to access an article that provides a good overview of how Roth IRAs for kids can be a great retirement tool.
Personal take from Andy Anthony [Bay Harbor Wealth Management Advisor]: I have approached it a little differently by offering my sons an incentive after graduating and starting their 1st job. If they contribute to a Roth account I offer to match a certain amount, typically providing them cash that they can use to add to their Roth account (for 2021 the Roth limit is $6,000). Since their income is somewhat low at this stage of their life and they are young, taxes are not a big concern and the years of growth are a huge benefit! They may even qualify for a Saver’s Tax Credit (based on AGI).