You can provide your child or grandchild with over $234,000 in benefits for only $5,000. For those in a position to do it, you can use time and compound interest to really give a child or grandchild a wonderful legacy. If your child or grandchild earned $5,000 this year, through family income planning, summer jobs, etc., you can match that amount with a gift that goes directly into a Roth IRA. If your child is 15, and if the IRA grows at 8% annually, then in 50 years the account will be worth $234,508. And all distributions will be TAX FREE! If you did this for four years, you will leave over a Million Dollar after tax legacy for a loved one. By then maybe you will be gone, but your generous and positive impact will live on. Give it some thought.
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