Fidelity reported that 391,562 IRA customers had a million-dollar IRA at the end of 2023. You can increase your child's chances of reaching this milestone by starting their journey now. The great thing about a Roth IRA is that anyone can contribute to the account, whether they are 17 years old or 77 years old, as long as they have earned income for the year and it doesn't exceed the annual threshold.

If you're looking for the secret to building a million-dollar Roth IRA for your child from scratch, I've jotted down a few pointers below.

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Source Fool.com