IRAs for Children

1. What is the youngest age to open an IRA?

There is no minimal age to open an IRA or Roth IRA. The qualification to contribute to an IRA is having earned income.

2. What is the best IRA for a child?

The best IRA for a child could be the Roth IRA for yourself. Before investing in your child’s retirement, ensure you are on track for retirement. The Roth IRA is often an overlooked tool for saving for your children’s college and your own retirement. If you pass away and the child inherits the account, they won’t have to pay income taxes on the distributions.