UnThreaded | Threaded | Whole Thread (22) | Ignore Thread Prev | Next
Author: reallyalldone Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 72254  
Subject: Re: Starting IRAs for Children Date: 10/20/2011 11:16 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 1
I offered to match(1-1) for Roths for my kids from the time they started working(varied from 14-16) and continue to do so(24,27,30).

I did it to encourage them to save for retirement and get them started. I do it now because I can and would rather offer this than have them wait for me to die to inherit.

In other words they can't simply pull the money out and buy a something :).

Depending on your state, they have financial majority at 18. They are most likely to follow whatever example you've set concerning finances. If you plan to have some type of control based on the Roth, good luck.

Putting $500 in a Roth isn't much different than having the money in their investment accounts. It's theirs to do with as they please. In both cases, you will be impacting their taxes and choices so it would be good if they fully understand what you've done/are doing.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (22) | Ignore Thread Prev | Next

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Invest Better Hub
Take advantage of our newest free service, Invest Better!
New Fool-Branded Credit Card Available!
How does your card compare to ours?
Post of the Day:
GetRichDieTrying's CAPS Blog

Becoming a Seasoned Investor
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Facebook Fool Fan Club
Be a fan of the Fool over on Facebook!
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Get the Fool Phone App
Save and share content, zero in on sectors, podcasts, and much more!
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement