In our view, one of the cruelest ironies of investing is that the best time to save for retirement is when one is young, because of the “magic of compounding“, yet this is precisely when one is likely also saving for a wedding, a first home, or the birth of a child.
But what if you could start saving for retirement when those competing goals seem so far off as to be invisible? Well, it’s possible, if you’re a teenager with a summer or part-time job. Just open a Roth IRA at one of the big brokerage firms like Fidelity, Schwab or TD Ameritrade, and start funding the account with your hard-earned dollars.
The New York Times published an article on August 1, 2014 that highlighted the many benefits and relative flexibility of Roth IRA accounts for minors and their parents. You can read the entire New York Times article here.