Yes, you can open a Roth IRA for a minor as long as they have earned income, such as wages from a part-time job. The contribution limit is the lesser of their earned income or the annual Roth IRA cap. Parents often act as custodians until the child reaches adulthood.
This strategy can be incredibly powerful because the child’s contributions have decades to grow tax-free. Even modest contributions in their teens can compound into significant retirement savings, teaching financial responsibility along the way.
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