Gallery: Teen Ira

Since minors cannot legally open investment accounts themselves, a parent or guardian must set up a custodial account .

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

The Power of the Teen Roth IRA: Building a Financial Gallery for Your Future : If an 18-year-old invests just $1,000 once

: For 2026, the limit is $7,500 or 100% of your earned income , whichever is less. 000 once and adds $1

: If an 18-year-old invests just $1,000 once and adds $1,000 annually, they could see that single account grow to nearly $500,000 by age 65.

: The money in the account belongs to the teen, but the custodian manages it until they reach the age of majority (usually 18 or 21).