Charles Schwab

Ask Kim: Roth IRAs are for kids, too

Q: My 16-year-old son will work as a camp counselor this summer. Can he contribute to a Roth IRA?

A: Yes. There is no minimum age requirement to contribute to a Roth IRA; your child just needs to have earned income from a job. And it's a great idea to start making Roth contributions as early as possible and start building a tax-free stash of money for the future. Your son will be able to withdraw the contributions anytime without taxes or penalties (for college or a down payment on a house, for example), and he can tap earnings tax-free after age 59 1/2.

Your son can contribute up to the amount of money he earns from his job, up to a maximum of $5,500. And he doesn't have to...