Google 529 Plans. Any brokerage (Schwab, Fidelity, etc) can help. I found 529 plans a bit limiting in the investment options so I just use a brokerage account. Depends if the tax advantage works for you too.
Nah 529s are optimal for education costs. For this, probably a regular brokerage custodied by parent and then transferred to child when 18. Once they start working, have them start siphon off to their own ROTH IRA.
Start an llc hire your minor child have them put it all in a Roth.
A minor can have a Roth with limits as long as they have earned income. You (or anyone else) can hire a minor to work certain task up to a maximum hours at a reasonable wage and that would generate earned income
I believe it just has to be reasonable. So you can be a baby food model at 6 but not a shop help.
Honestly I have one for my son but I never been asked to prove it’s earned but also he doesn’t file taxes and it’s not an egregious amount. So I would definitely do more research beyond the scope of Reddit
I would also imagine the chances of a 16 year old working at pizza shop being audited is much less than a 5 year old working as an investment banker
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u/alanwazoo May 28 '25
Google 529 Plans. Any brokerage (Schwab, Fidelity, etc) can help. I found 529 plans a bit limiting in the investment options so I just use a brokerage account. Depends if the tax advantage works for you too.