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Turn Your Kids Into Millionaire Retirees By Setting Up A Roth IRA Today
(as published at forbes.com)
I have written often on the effects of compounding over the long term, emphasizing the simple but potent message that the sooner you start, the more the multiplying effect you will experience in your investments. That’s why it makes so much sense to help your children take advantage of the benefits of compounding within a Roth IRA.
Under current law, qualified Roth IRA distributions are not taxed, no matter how much income is reported on the taxpayer’s tax return. Anyone with earned income can have a Roth IRA, even a child.
You might consider hiring your children or grandchildren to do work around the house, or, if you run a business or a professional practice, you can hire them there. The younger the kids are, the better. You’ll not only cut your own taxes today, but you’ll set the kid on a path that could lead to a multi-million-dollar retirement fund decades down the road.
The premise is simple. Money you pay the youngsters reduces your business income and thereby your income taxes. The children will owe little or no tax, which you can pay for him or her, while fully funding their Roth IRAs.
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| 1/1/94 | Current | % Change | |
| MP 63 | 100.00 | 1085.68 | 985.68 |
| MP 63 Industrials (52) | 100.00 | 1137.77 | 1037.77 |
| Dow Jones Industrials | 3754.09 | 18228.30 | 385.56 |
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