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BTCC / Hashtag / ira account for kids
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What is a Roth IRA for kids?

A Roth IRA for Kids is a tax-advantaged retirement account opened for a child who has earned income. 2 The account is managed by an adult (the custodian) and then transferred to the child at a certain age (typically between 18 and 25, depending on the state). Time is on the child's side—a little saved today has a lifetime to potentially grow.

Which IRA should I choose for my child?

Because most kids don't earn enough money to benefit from the up-front tax deduction associated with a traditional IRA, it makes sense to focus on Roth IRAs. In general, the Roth IRA is the IRA of choice for minors who have limited income now.

Can a child withdraw money from an IRA?

IRAs are designed for retirement spending but a child may be able to tap into the account well before then for important expenses—particularly if it is a Roth account. Roth accounts allow withdrawals of contributions (not the accrued profits), provided the account is at least five years old.

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