Should I Open An Ira For My Child?

newsfeedback@fool.com (Maurie Backman), The Motley Fool
Tue, 05/29/2018 - 4:06am

If you have a child who earns money, the last thing you want is for him or her to blow that cash on nonsense. Therefore, teaching that child to save at a young age is crucial. And while you could encourage your child to stick that income directly into a savings account, you might consider a more potentially lucrative alternative: an IRA.When we think about people funding IRAs, we tend to imagine working adults who are looking to sock away money for retirement.

Topics: images ira open child money retirement income

Place your ad here
Loading...

BING NEWS:

Can I move money from my IRA to an HSA? ‘Medical expenses keep growing.’
Medical expenses keep growing, and if there was a way to pay for them out of pretax funds, it would be most helpful. Thank you.
01/10/2025 - 7:00 am | View Link
Your Money: When is the best time for a Roth IRA conversion?
In life, you often get second chances — and the same is true with investing. To illustrate: you might not have been able to contribute to a Roth IRA during your working years due to your income ...
01/9/2025 - 8:50 am | View Link
Divide Your IRA & Retirement Accounts Among Your Heirs (Tax-Smartly)
Learn how to divide your IRA, Roth IRA and annuity accounts among your heirs while minimizing their tax burden.
01/9/2025 - 7:02 am | View Link
Navigating The Tax And Investment Considerations Of Inheriting An IRA
Understand the potential consequences if an inherited IRA gets liquidated too quickly (taxes!), along with the fallout if it doesn't happen soon enough (penalties!).
01/8/2025 - 10:00 pm | View Link
24 Million Consumers Choose ACA Coverage, Enrollment Still Open
Record numbers have enrolled in Affordable Care Act (ACA) coverage as open enrollment continues through January 15, 2025.
01/8/2025 - 3:24 am | View Link
More

More Movie News

More Business News

A notorious market bear who called the 2000 and 2008 crashes warns we're in the 'third great speculative bubble' in the last 100
Business Insider, Saturday - 01/11/2025 - 05:00 AM
2008A trader watches screens as he works on the floor of the New York Stock Exchange, September 29, 2008. REUTERS/Brendan McDermidJohn Hussman warns of negative S&P 500 returns over the next decade. Hussman's analysis shows the market capitalization of nonfinancial stocks at all-time highs. Hussman's called the 2000 and 2008 bubbles, but his fund's performance has been poor.
More | Talk | Read It Later | Share
Buy-now-pay-later services make it very easy to spend — and influencers are sounding the alarm
Business Insider, Saturday - 01/11/2025 - 04:48 AM
Jess Riley has charted her debt repayment journey on TikTok.tiktok/@jess.riley_Micro-trends that circulate on social media can trigger some to make too many online purchases. Buy-now-pay-later can make the true costs of buying items seem lower. These payments add up over time, leading to a debt spiral that's difficult to escape.
More | Talk | Read It Later | Share
What is Microsoft Edge?: Everything you need to know about Microsoft's internet browser for Windows
Business Insider, Saturday - 01/11/2025 - 04:35 AM
Microsoft Edge is an internet browser built by Microsoft to replace Internet Explorer. Jaque Silva/NurPhoto via Getty ImagesMicrosoft Edge is an internet browser installed by default on all new Windows computers. Edge was made to replace Internet Explorer, and runs faster and with more features. Edge now works with Microsoft's new AI-powered features like Copilot.
More | Talk | Read It Later | Share
Forget New York: Gen X is following boomers to retirement-friendly places like Florida
Business Insider, Saturday - 01/11/2025 - 04:10 AM
Gen Xers are leaving behind big cities like New York. Getty; Rebecca Zisser/BIGen Xers are moving to retirement hot spots in Florida and Texas. Meanwhile, they're leaving behind big coastal cities in New York and California. Lower interest rates, remote work, and a strong economy might be driving Gen X migration patterns.
More | Talk | Read It Later | Share
See inside a WWII-era U-boat, the only submarine that the US Navy captured intact and towed home
Business Insider, Saturday - 01/11/2025 - 04:01 AM
The German submarine U-505, captured by the US Navy during World War II, is on permanent display at the Griffin Museum of Science and Industry in Chicago. Griffin Museum of Science and IndustryOver eight decades ago, the US Navy made the historic capture of a Nazi U-boat during World War II.
More | Talk | Read It Later | Share
I've been wearing an Oura Ring to track my fitness for 4 years. Here are the pros and cons of the device loved by celebs and bus
Business Insider, Saturday - 01/11/2025 - 03:33 AM
My Oura Ring tracks my movement and rest across the day, and it is subtle enough to wear on any occasion. Rachel HosieThe Oura Ring is a fitness tracker popular among athletes, business execs, and celebrities. Fitness reporter Rachel Hosie has used one for four years and was originally attracted by its look.
More | Talk | Read It Later | Share

Should I Open An Ira For My Child?

Welcome to Wopular

MoviesWithButter : Our Sister Site

More Business News