Teen Ira Gallery Today

Think of your Roth IRA as a gallery where each contribution is a piece of art that grows in value over time.

You can't just put birthday money or an allowance into a Roth IRA. The IRS requires earned income. teen ira gallery

: Wages from a summer camp, mowing lawns , babysitting, or even professional child modeling count as earned income . Think of your Roth IRA as a gallery

A common myth is that Roth IRA money is "locked away" until age 59½. : Wages from a summer camp, mowing lawns

: The money in the account belongs to the teen, but the custodian manages it until they reach the age of majority (usually 18 or 21).

: If an 18-year-old invests just $1,000 once and adds $1,000 annually, they could see that single account grow to nearly $500,000 by age 65.