Sure, provided they have an earned income. I often joke with clients that they should have their babies become models, appearing in ads for baby food and kids’ clothing. Let them earn an income so they can place it into a Roth IRA! Teenagers mowing lawns and babysitting can also open Roth IRAs. Mom and Dad can hire the kids to do chores. Allowances are not eligible for IRA contributions, but income is!
Ryan Peterson, President, Copperleaf Capital| Ric responded, October 19, 2021