Guardian IRA

“IRA” stands for “Individual Retirement Account.” If you thought it stood for “Irish Republican Army,” you’re right...but you’re probably also looking for a different website.

An IRA (the retirement kind) works by letting people invest for retirement, with the government giving certain tax advantages to help the money grow over time.

Typically, people use these accounts to save for their own retirement. However, a parent can set up an account for their kids as well. These are called Guardian IRAs.

A parent or guardian will set up the account in the minor's name. It's for the kids' retirement, but since they aren't legally able to sign contracts and such, the guardian retains some oversight.