Open a Roth IRA for your child’s retirement

1

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here’s an explanation for

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.