For almost every teenager, the is the superior choice.
Allowance, cash gifts, or investment income (dividends/interest). solo teen ira
The adult manages the account, but the assets belong to the teen. For almost every teenager, the is the superior choice
When the teen reaches the "age of majority" (usually 18 or 21, depending on the state), the account is converted to a standard Roth IRA in their name. 💡 Pro-Tips for Success For almost every teenager
Set up a small monthly transfer to teach the "pay yourself first" habit.