Skip to main content

Ask the Hammer: Can I Set Up a Roth IRA for My Kid?

Jeffrey "The Buckinghammer" Levine of Buckingham Wealth Partners answers a Retirement Daily reader's question about Roth IRAs for minors.

In this episode of Ask the Hammer, the Retirement Daily reader's question is:

Should I set up a Roth IRA for my daughter? She expects to work as a lifeguard and babysitter this summer. 

Our expert, Jeffrey "The Buckinghammer" Levine of Buckingham Wealth Partners, met with Retirement Daily editor Robert Powell to answer our reader's question.

In this episode of Ask the Hammer, Levine talks about:

  • The challenges of setting up a Roth IRA for a minor 
  • What counts as earned income
  • The benefits of putting money into a Roth IRA for your child
  • Whether or not the child has to put in their own money
  • How much you are able to contribute to the Roth IRA
  • What kind of investment makes sense for most young people

Stay tuned for more Ask the Hammer!


Got questions?

Email AsktheHammer@BuckinghamGroup.com


More Ask the Hammer

Will a QCD in Excess of One's RMD Help Reduce Modified Adjusted Gross Income for IRMAA Purposes?

Can I Use Money From an RMD to Contribute to a Retirement Account?

Is It Possible to Make a Mistake When Claiming Social Security?

What Do I Need to Know About Rule 72(t)?

What's Some Advice for Uncovering Marital Assets in a Divorce?

Am I Always Eligible for the 0% Capital Gains Tax Rate?

When Should I File My Taxes?

Should Parents Provide Financial Support to Adult Children?

What's the Value of a Risk Tolerance Questionnaire?

How Do I Select the Best Retirement Plan Payout Option?

What Are The Distribution Rules for Beneficiaries of Inherited IRAs?

Should We Worry About National Debt?

What are Some Tips on Buying a Used Car?


Follow us on Instagram and Twitter!