Don't forget a roth ira for your young kids/grandkids that are old enough to work but do not have a W-2. You DO NOT need an W-2 to set up a Roth. If a 12-year old made $700 by babysitting, that is earned income, and entitled to go into a Roth. I knew of one fund family, Heartland, which would get a Roth going for you with $1,000. So, if your son made $500 in 2011 and will make $500 in 2012 mowing lawns on the week-end, that will suffice for the $1,000 minimum deposit. If you want to claim that your 4-year old made $6,000 last year from plowing snow.....??? Well, that just might be pushing it a bit. The Roth is a great break to get money growing tax free for 50 years or more if you set one up now for the adolescents. For the doubters here, please DO NOT respond to this post saying people need to pay into FICA and Medicare and need a W-2 to have a Roth...because you do not know what you are talking about. Read Publication 926 about having someone under age 18 doing household work.
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