First, let’s talk about the benefits of starting a retirement account for your child. The power of compound interest is truly remarkable.
All funds put into a retirement account are required to be earned income. This means that your child has to in some way earn the funds based on the IRS definition.
As a parent, you can legally fund a retirement account for your child by encouraging them to earn income.
Starting a retirement account for your child is a great way to help them build a strong foundation for financial security in the future.