Chris Carosa, president of Carosa Stanton Asset Management in Rochester, N.Y. has an interesting idea - one that he says could make a child a millionaire in retirement and not have to save a dime after the age of 18.

It may sound crazy, but it actually works, Carosa says.

"Enter the 'Child IRA,'" he says. "If you saved $1,000 a year for a child from her birth until her 18th birthday, and then never added another dime, that child would have nearly $2 million at age 68."

"Children who do so won't need an ounce of help from Social Security or any other government program if you invest in the 'Child IRA," adds Carosa.

So why aren't parents storming the ramparts to do this? Carosa says the key issue involves kids with no cash.

"Current laws restrict children without earned income to save in an IRA," he states. "Congress would have to pass a law allowing parents to use their earned income to donate to a Child IRA, similar to how a 529 plan works. If politicians want to fix Social Security, this is exactly what they should do."

Financial experts say the idea is intriguing, but would likely fall short thanks, in large part, to crass politics.

"First of all, the math absolutely works for this idea," says Charles C. Scott, a financial planner with Pelleton Capital Management. "The earlier you start, the more you accumulate. That's investment basics 101."

Yet as things now stand, individuals need to have income, specifically earned income, to be able to contribute to the IRA, traditional or Roth," Scott says. "Congress will have to act to change that, so good luck with that," he says. "Sadly, I see the pushback coming from those that would say this would only benefit the wealthy."

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