Retirement & Eldercare

Retirement Savings: the Earlier, the Better

2/8/2015

When teenagers and young adults start to earn money, they rarely give consideration to the idea of putting some of it away for their retirement. Young people tend to focus on the things that they want and need in the here and now, and can't fathom a distant future. But those who are wise enough to make retirement savings contributions early get the benefit of long-term growth that will lead to a sizeable account for their golden years.

When considering the best savings vehicle for this stage of life, a nondeductible Roth IRA is probably the best choice. It has the long term benefits of tax-free accumulation, and because when most people are starting out their income is low, they generally don't need to worry about finding a retirement plan that offers them a tax deduction.

The hardest part of starting a retirement fund at a young age is often getting the young person to agree to it. Most young adults would prefer to keep the money that they've earned in hand. To encourage savings and get an account started, some families have considered making contributions to a Roth IRA as a birthday or holiday gift. A parent, grandparent, or anybody else can make a contribution up to the amount that a child makes (as long as it does not exceed the donor's annual limit of $14,000 for 2014 and 2015) into the Roth IRA on their behalf. So, for example, if a teen works at a summer camp and earns $3,000 but they don't want to put it into the bank for the future, that amount can be put into a nondeductible Roth IRA on their behalf.

The key to this is that in order to establish a Roth IRA, there must be income earned by the individual in whose name it is established. This income has to be from a job, whether that is part-time or full time, rather than through an investment. The rules regarding Roth IRAs limit the amount that can be contributed to either earned income or $5,500, whichever is less.

Of course, if a parent, grandparent, or other interested party is going to make a contribution into an IRA for a child, they need to understand that once the money is in the account, it strictly belongs to the child, who is able to withdraw funds at any time, for any reason, and will not have to ask the permission of the person who contributed the fund. The early withdrawal tax liability will be the child's responsibility.

A contribution that may seem like a small amount at the time that is made can grow significantly between a child's teen years and when they retire. Those who are able to make this kind of gift for the young adults in their lives can make a real difference in their future. Whether considering this kind of contribution for a child or grandchild, a niece or nephew, or any other young person in your life, what may seem like a small gesture to you can make a very big impact on their comfort in the future. If you would like more information about Roth IRAs or gifting contributions to a Roth on behalf of someone else, please contact one of our professionals on TaxBuzz.com.

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Lee Reams, BSME, EA

Editor-in-Chief

Besides his role at CountingWorks as an educator and speaker to thousands of accountants nationwide, Lee manages a technical research service for a large group of tax accountants which sharpens his technical skills. Lee served on the Board of Blackline Systems, is a former Board of Director for the California Tax Education Council, is a Past President of the San Fernando Valley Chapter of Enrolled Agents, Member and Past Director for the California Society of Enrolled Agents.

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