How to Build a Million-Dollar Retirement for Your Child Starting in 2024
Starting retirement planning early offers many benefits for kids, but figuring out how to get started can be overwhelming. Since your child likely doesn't have access to a 401(k) plan or employee stock purchase plan (ESPP), you can begin with a Roth IRA if they have earned income for the year. Given that your child is probably in a lower tax bracket now than they will be in the future, it makes sense to contribute after-tax dollars to a Roth IRA now in exchange for tax-free income later.
Although retirement may not be the most exciting topic to discuss with your child, showing them how their consistency can lead to a million-dollar retirement might pique their interest. Below are a few steps you can take this year to set your child up for a millionaire retirement.
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Source Fool.com
