{"id":1192,"date":"2018-11-14T17:58:57","date_gmt":"2018-11-14T17:58:57","guid":{"rendered":"https:\/\/www.oconnorcpafirm.com\/blog\/?p=1192"},"modified":"2018-11-14T18:00:26","modified_gmt":"2018-11-14T18:00:26","slug":"help-your-child-earn-saving-for-retirement-really-early-is-key","status":"publish","type":"post","link":"https:\/\/www.oconnorcpafirm.com\/blog\/2018\/11\/help-your-child-earn-saving-for-retirement-really-early-is-key\/","title":{"rendered":"Help your child earn. Saving for retirement really early is Key!"},"content":{"rendered":"<p>A way to give your child a head start on their retirement is to open a Roth IRA as soon as they start earning money. Set a goal to reach before they graduate and watch the balance grow 40x by the time they reach retirement age. Some ideas to get them earning money are babysitting, mowing lawns, summer jobs, internships or even hiring them to work for your business.<\/p>\n<p>Hire your child for the next couple of months to give yourself a business deduction and a way to fund retirement for your child&#8230;.keep the net pay and fund an IRA for them.\u00a0 Under a certain amount of income, there will not even be an income tax associated with their wages.\u00a0 Also, under a certain age, they are exempt from FICA&#8230;so hiring your child can be a great idea on several levels.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A way to give your child a head start on their retirement is to open a Roth IRA as soon as they start earning money. Set a goal to reach before they graduate and watch the balance grow 40x by the time they reach retirement age. Some ideas to get them earning money are babysitting, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Help your child earn. Saving for retirement really early is Key! - O&#039;Connor CPA Firm<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.oconnorcpafirm.com\/blog\/2018\/11\/help-your-child-earn-saving-for-retirement-really-early-is-key\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Help your child earn. 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Some ideas to get them earning money are babysitting, [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.oconnorcpafirm.com\/blog\/2018\/11\/help-your-child-earn-saving-for-retirement-really-early-is-key\/\" \/>\n<meta property=\"og:site_name\" content=\"O&#039;Connor CPA Firm\" \/>\n<meta property=\"article:published_time\" content=\"2018-11-14T17:58:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-11-14T18:00:26+00:00\" \/>\n<meta name=\"author\" content=\"Tricia O&#039;Connor CPA MBA\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tricia O'Connor CPA MBA\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.oconnorcpafirm.com\/blog\/2018\/11\/help-your-child-earn-saving-for-retirement-really-early-is-key\/\",\"url\":\"https:\/\/www.oconnorcpafirm.com\/blog\/2018\/11\/help-your-child-earn-saving-for-retirement-really-early-is-key\/\",\"name\":\"Help your child earn. 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