Your Teenager Should Have a Retirement Account. Here's Why
You've probably heard time and time again that the earlier you start saving for retirement, the better. So why not help your kids start to save for retirement as young as possible? Giving them a 40- to 50-year head start on retirement can really pay off for them down the line.
Let's go over a smart way to set your kid up for a comfortable -- perhaps even early -- retirement.
If your child is under the age of 18, you can open a custodial IRA for them at any of several brokerages. The account will be in your child's name, but you control the money inside it until your kid becomes a legal adult at age 18 (note that in a few states, the legal age for adulthood is 19 or 21 instead).
Source: Fool.com
