: 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).
: Starting at 15 versus 25 can result in hundreds of thousands of dollars in difference due to the "time value of money." 4. Beyond Retirement: Flexibility for Life teen ira gallery
: Parents can contribute on a teen's behalf . If a teen earns $1,000 at a job and spends it, a parent can still put $1,000 of their own money into the teen’s Roth IRA. 3. The "Gallery" Effect: Compound Interest in Action : The money in the account belongs to