If you're aiming to set your child up for a comfortable future, opening a Roth IRA might be a great place to start. A Roth IRA is an individual retirement account that allows savers to contribute after-tax dollars in exchange for tax-free growth and withdrawals in retirement. This account type is particularly appealing for kids because it doesn't come with age restrictions, and children are often in a much lower tax bracket when they first start earning money than they will be later.

So if your child landed a summer job this year, here's how that paycheck can put them on a path toward a million-dollar Roth IRA.

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Source Fool.com