It’s never too early to start saving for retirement

This summer, the unemployment rate for Americans aged 16 to 19 is 9.6% – the lowest since 1953.* Here’s more good news: Employed teens are eligible to open a Roth IRA.

Teens can contribute as much as they earn, up to $6,000 in 2021. And they can withdraw their contributions at any time without penalty. If, however, the money is left untouched, a $2,000 contribution made at age 16 can grow to more than $63,000 by the time the child reaches age 67!**

Additional rules and limits apply. Contact Jim at (320) 214-2912 for more details.

*Bureau of Labor Statistics, as of May 2021

**Assuming no further contributions and a 7% rate of return.