Why Your Kid Needs a Roth IRA
If you hire your children or grandchildren, you can give them the opportunity to earn money and contribute to a Roth while you collect some tax benefits for yourself.
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As a Kiplinger reader, I'm sure you're aware of the advantages of a Roth IRA compared with a traditional IRA. The main benefit, of course, is that under current law, qualified Roth IRA distributions aren't taxed, no matter how much income is reported on the owner's tax return.
Vita Nelson provides financial information centered around DRIP investing at www.drp.com and www.directinvesting.com. She is the editor and publisher of Moneypaper's Guide to Direct Investment Plans, Chairman of the Board of Temper of the Times Investor Service, Inc. (a DRIP enrollment service), and co-manager of the MP 63 Fund (DRIPX).
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