Hello-
My 14 year old got a job and wants to start throwing money in a Roth IRA. I suggested this when she first started, but it was some hip/cool TikTok-er with background music and sparkle effects got her to take it seriously. So I opened a custodial account for her through Vanguard since that is where my 401k is.
I guess I'm confused as to what to do next after we've funded the account. The money, right now, is in the VMFXX - Vanguard Federal Money Market Fund. Do I need to do anything else? My 401k contributions go into a targeted retirement fund and I literally do not do anything with it.
It seems with the IRA, I need to pick the funds it's going to. Is VMFXX good for now? She's only allowed to work a certain number of hours per week, so she'll never hit the max contribution right now.
Thank you in advance!
Submitted July 14, 2021 at 09:25AM by SimplyAdia https://ift.tt/2Vypjj4
