Parents encourage children's Roth IRA investment with parental match, tangible rewards, and financial literacy.
The article outlines strategies for parents to encourage children to invest in a Roth IRA for retirement. Key methods include implementing a "parental match" for savings, setting up tangible rewards for achieving savings goals, and teaching the benefits of compound interest. Parents can motivate kids through extra chores, financial literacy discussions, and shared family savings goals. Contributions to a Roth IRA require the child to have earned income from jobs or self-employment.
October 13, 2024
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