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Can I open an IRA for my three children ages 9,8 and 5?

I am 41 years old and I am just learning what an IRA is. My parents never explained to me about retirement, however I want to make an investment in my children's future. As I've been reading, I see that there is the traditional IRA and the Roth IRA, but I'm a little bit confused and I want to know what type of account I can open for my young children. 

Retirement, IRAs, Retirement Plans
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May 2016

Your children can only contribute to an IRA if they have a "job".  To contribute to an IRA you have to have earned income.  Once your children start earning money (and reporting it on a tax return) you can contribute the lesser of $5,500 or their earned income to an IRA.  If/when they do have earned income a Roth IRA may be the best option. 

But...don't short change your own retirement to support theirs.

May 2016
May 2016