Roth IRA Strategy for Teens: Compound Growth Potential Vastly Benefits Early Savers
Chicago, Illinois – As teenagers start thinking about their future, many are considering opening Roth IRAs to kickstart their retirement savings early. Unlike traditional IRAs, Roth IRAs are funded with after-tax dollars, making them an appealing option for teens who have limited taxable income. With the standard deduction at $14,600 for single filers in 2024, teens may be able to contribute to a Roth IRA without owing taxes on their earnings. One key advantage of …