Using IRAs to Help Children Secure Their Financial Future

Are you looking for a way to secure a financially stable future for your child or grandchild? An IRA may be the solution! There is no minimum age for having an IRA, and as long as your child has earned income, you can open an account in their name.

Your child can contribute to their IRA with their own money from working, and with the power of compound interest, they can get a significant head start on a secure financial future.

EXAMPLE: A child who contributes $7,000 annually to an IRA beginning at age 14 through age 24 and earns 7% per year provides over $1 million at age 61 – even without contributing after age 24!

To learn more, click below to download “Using IRAs to Help Children in Five Easy Steps.“

Our checklist will give more detail on these steps. Download it below.

1.  Open an IRA for any child with earned income.
2.  Give children money to contribute to the IRA.
3.  Use a ROTH IRA to create tax-free investment gains in the future.
4.  Invest the IRA for capital gains.
5.  Keep good records for the children and report on the appropriate tax return.

 Financial Success Doesn’t Happen by Chance. 

Contact lead advisor Chris Robinson, ChFC, at our office, 940-464-4104, to schedule a time to discuss your current IRA questions.

RFG Wealth Advisory in Argyle, Texas, is an independent, fee-only Registered Investment Advisor firm that always puts our client’s interests first. We have a transparent, simple fee structure that’s easy to understand. Call us today!