Teen Ira Gallery -

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?

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: 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 April is National Financial Literacy Month , the

: You can withdraw your original contributions at any time, tax and penalty-free. This makes it a great "emergency fund" for major life goals. What is a Custodial Roth IRA

: Wages from a summer camp, mowing lawns , babysitting, or even professional child modeling count as earned income .

: You contribute after-tax dollars . This is a massive win for teens who are typically in a 0% or very low tax bracket.