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2 Great Reasons to Open a Roth IRA for Your Kids in 2024

TheMotleyFool

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2 Great Reasons to Open a Roth IRA for Your Kids in 2024: https://g.foolcdn.com/editorial/images/779417/gettyimages-child-interacting-with-others-on-computer.jpg

Opening an individual retirement account (IRA) might not be top of mind this year, but if your child landed a summer job, it's something to consider. A Roth IRA is a retirement account where contributions are made with after-tax dollars now in exchange for tax-free dollars during retirement. Since most children are in a lower tax bracket, a Roth IRA makes sense for tax purposes.

If you're on the fence about opening a Roth IRA, we've jotted down three reasons why it might be one of the best moves you can make for your child's long-term success.

Image source: Getty Images.

Source Fool.com

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