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Can You Open a Roth IRA for Your Kids?

It can be a wise financial move to help them get a head start on retirement saving.

By Motley Fool Retirement Team – Updated Nov 25, 2024 at 9:31PM

Key Points

  • Opening a Roth IRA for your child could maximize long-term savings due to compound earnings.
  • Contributions to a Roth IRA can be withdrawn tax-free.
  • An adult will need to serve as the account's custodian until the child turns 18.
Key findings are powered by ChatGPT and based solely off the content from this article. Findings are reviewed by our editorial team. The author and editors take ultimate responsibility for the content.

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