Skip to main content

Monument Group Wealth

Monument Group Wealth

  • Home
  • Master Plan
  • About Us
    • About Us
    • Our Team
    • Our Name & Logo
  • Resources
    • Quarterly Letters
  • Blog
  • Contact
  • Wills & Trusts
  • Investing
  • Retirement & Financial Planning
  • Income Tax Preparation
  • Sign-Up For Updates

    You are here

  1. Home
  2. Blogs
  3. Holiday Gift Idea: Roth IRAs for the Children

Holiday Gift Idea: Roth IRAs for the Children

Submitted by Monument Group Wealth on November 20th, 2014

Nov 20, 2014

If you plan to gift to your children or grandchildren this year, and they held a summer job in 2014, consider contributing to a Roth IRA on their behalf in order to provide for tax-free income for the child’s or grandchild’s future retirement. The deadline for a 2014 Roth IRA contribution is April 15, 2015 and the maximum amount is the lesser of $5,500 or the amount the child earned. There are no age restrictions on opening a Roth IRA.

In general, contributing to a Roth IRA for your child or grandchild can be an excellent way to teach positive money habits. This gift can be used to incentivize them to work (by matching their income via a gift to a Roth IRA), teach them to manage money wisely (by experiencing the markets in a disciplined fashion) and encourage them to save for retirement at a young age.

There are broader implications of making these gifts to Roth IRAs. If you would like additional information or have questions, please contact Lee McGowan, CFP®.

The Monument Group Companies

801 Main Street, Suite 14
Concord, MA 01742

978.369.0960

Quick Navigation

Master Plan

Resources

Blog

Events

Contact

Disclosures

Privacy Policy

Website Terms

 

Follow Us

 
 

© 2025 The Monument Group Companies. All rights reserved.

Website Design For Financial Services Professionals