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Accounts for children - Bogleheads Custodial Savings accounts and Custodial Roth IRA accounts differ in many of the same ways as non-custodial savings accounts differ from Roth accounts However, there are some additional differences that a parent needs to know about before choosing one account over the other
How a custodial IRA can help your child with future retirement savings The custodial Roth IRA is managed by a parent or legal guardian on behalf of the child The contribution limit for a Roth IRA in 2025 is the lesser of $7,000 or your child’s total compensation for the year Once your child has earned income, it doesn’t matter who contributes to the IRA
What is a Custodial Roth IRA and Should I Open One for my Child? A Custodial Roth IRA allows a parent to open and manage a Roth IRA for a minor The account is owned by the child, but the parent or guardian manages it until the child reaches the age of majority, typically 18 or 21, depending on the state
What is a Roth IRA for Kids and How Does It Work? A custodial IRA is an account that a custodian (typically a parent) opens and manages for the benefit of a minor The barriers to entry are pretty low: These accounts generally have no minimum balance, or account-opening or maintenance fees
How to Open a Custodial IRA for Your Kids By using after-tax dollars, Roth IRAs grow your money tax-free On the other hand, traditional IRAs allow you to pay taxes later when your child is ready to withdraw