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Subject:  Funding my kids IRA Date:  8/15/2005  5:57 PM
Author:  MotleyGeo Number:  28 of 76

Hi all -

Let's say I like my kids and want to be nice to them (they are teenagers, so this is sometimes a challenge). Both work and earn a couple thousand a year. I was thinking of funding an IRA for them.

What do you think about putting money in an IRA for a 17 or 18 year old? Yes, I realize they could pull the cash out the next day, pay the tax and frolic with the money, but when I think about money compounding for 50 years I go nuts!

Your thoughts?

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