My son turned 18 three days ago. Today I explained the difference between taxable, tax deferred, and tax free accounts. We setup a brokerage account for him and a Roth IRA account. No need for an IRA at this point.
He's been working and saving money. To help him get started I matched what he moved into his brokerage account from his checking and would contribute the same amount to get his Roth IRA started.
He now has $3,000 in a brokerage account and $1,500 in a Roth IRA.
He's been working and saving money. To help him get started I matched what he moved into his brokerage account from his checking and would contribute the same amount to get his Roth IRA started.
He now has $3,000 in a brokerage account and $1,500 in a Roth IRA.