Setting up a Roth IRA for children, whether to give them a head start on their retirement savings or as a temporary vehicle for funds earmarked for their education, is a pretty slick move employed by savvy parents.
In this video, I go over why you would set up a Roth IRA for your children (also known as a custodial Roth IRA), the rules for setting up a Roth IRA for children, and how exactly you can set up a Roth IRA for your kids at Fidelity...step-by-step!
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Table of Contents:
0:00 Roth IRAs for Kids
1:29 Basic IRA Rules
3:01 Why the Roth IRA Is Superior to a Traditional IRA for Children
4:16 How a Roth IRA Can Make Your Child a Millionaire
7:09 Here's the Catch (Earned Income)
8:05 How We Generate Earned Income for Our Young Children
9:12 FICA Tax Exemption When You Employ Your Own Child
10:38 How S Corporation Owners Can Get the Exemption
13:33 Start a Business and Pay Your Kid!
14:16 What If Your Kid Makes Money Outside of Your Own Business?
15:04 Where to Open a Roth IRA for Your Kids
15:50 How to Open a Custodial Roth IRA for Kids in Fidelity Step-by-Step
#rothira #rothiras #generationalwealth
