I have a 5 year old who currently has a 529 scholar’s edge account. I also plan on opening up one for my 2 year old. I was just wondering is there another type of account that you would recommend for them that will help build interest over time? Would they be considered too young to open up a roth ira account? If anyone has any suggestions please feel free to comment. Thank you!
Love how young you’re starting them with these accounts! I know for a Roth IRA, the person would have to be earning an income. For example, if your 2 year old is an actor and has an income then they’d be able to invest that amount (and no more) into a Roth IRA. They can’t invest gifted money. Hope that helps but looking forward to hearing from others.
Thank you for that information. Unfortunately both of my kids do not have earned income. Is there another account you can recommend without earned income?