Teens within your family with summer jobs? Establish IRAs for them!
Teens within your family with summer jobs? Establish IRAs for them! Set up IRA for your teens: Teenagers’ retirement may seem too far off to warrant saving now, but IRAs can be perfect for teens precisely because they’ll likely have many years to let their accounts grow tax-deferred or tax-free. The 2015 contribution limit is the lesser of $5,500 or 100% of earned income. A teen’s traditional IRA contributions typically … Read more