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🤑 A custodial Roth IRA is a retirement savings account that parents or guardians can open for a child who has earned income. Here's some key information about it: 👉🏼Eligibility: The child must have earned income from a job or self-employment to contribute to a Roth IRA. This could be income from babysitting, lawn mowing, or other types of work. 👉🏼 Until the child reaches the age of majority (usually 18 or 21, depending on the state), the custodian (typically a parent or guardian) manages the account on behalf of the child. Once the child reaches the age of majority, they gain control of the account. 🚨 Consult with a financial advisor or tax professional to ensure that a custodial Roth IRA is the right choice for your child's financial future and to understand all the rules and implications involved.
Duration: 62 sPosted : Sun, 07 Apr 2024 18:22:44Views
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