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Open a Roth IRA for your child’s retirement

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Parents want the best for their children. Mom and Dad scrimp and save to provide support for everything from orthodontic braces to funding four or more years of college.

With a little planning and some financial sacrifice, parents can also give children the ultimate financial gift: a relatively painless pathway that can potentially lead to millions of dollars in retirement savings.

Here’s the key to unlocking the door to retirement riches: Help your children open a Roth IRA as soon as they are eligible — when they first get a job — whether it’s a paper route, a minimum-wage wait-staff position or their own lawn-mowing business.