Think of your Roth IRA as a gallery where each contribution is a piece of art that grows in value over time.
April is National Financial Literacy Month , the perfect time to explore one of the most powerful wealth-building tools available to young savers: the . While retirement might seem lightyears away, starting a "financial gallery" of investments today can turn modest summer job earnings into a million-dollar legacy by the time you reach adulthood. 1. What is a Custodial Roth IRA? teen ira gallery
: For 2026, the limit is $7,500 or 100% of your earned income , whichever is less. Think of your Roth IRA as a gallery
: Parents can contribute on a teen's behalf . If a teen earns $1,000 at a job and spends it, a parent can still put $1,000 of their own money into the teen’s Roth IRA. 3. The "Gallery" Effect: Compound Interest in Action : Parents can contribute on a teen's behalf
: Starting at 15 versus 25 can result in hundreds of thousands of dollars in difference due to the "time value of money." 4. Beyond Retirement: Flexibility for Life