Children with income can open an IRA

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Editor’s note: Lawyer and car-buying expert Adam Goldfein fills in for Clark Howard Monday the 19th – Wednesday the 21st of this week. Below is a summary of some of what he discussed. Visit AdamGoldfein.com for more information.

If you have a child who earns income from a part-time job, helping them save in an IRA could be one of the best things you ever do for their future.

There is no minimum age requirement for an IRA. What is required is that you have income. Your child can then contribute their entire income if they wish, up to $5,000.



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