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Like a custodial Roth IRA, a custodial IRA is owned by a minor but opened and managed by an adult until the child is legally able to take over responsibility for the account. The primary ...
Fidelity offers other investment account options as well, including a Roth IRA for kids and a Youth Account for teens age 13-17. The latter gives a teen full control over their investments before ...
For instance, if your child contributed $7,000 to their Roth IRA for 40 years, the account would be worth $280,000. But if your child invests the money and earns an 8% return, they could have a ...
Your child's income must be below a certain threshold to contribute to a Roth IRA. You can contribute up to 100% of your child's earned income to the Roth IRA, with a maximum limit of $7,000 for 2024.
Additionally, with a Roth IRA, you don’t have to take a required minimum distribution like you would with a traditional IRA, and you can continue to fund the account past age 70 ½ if you have ...
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For example, say you make $55,000 in 2024 in adjusted gross income. You would be eligible to contribute up to $7,000 to your Roth IRA retirement fund.
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