It seems like the kids are really beginning to grow up faster and faster – now they are in high school and looking at colleges and have part-time jobs in the summer and/or after school.  Well, now is the time for the kids to start saving for retirement by setting up a Roth IRA.  No tax deduction, but the investments grow tax free until retirement and can then be withdrawn tax free as needed.  See this posting in the New York Times by Ron Lieber for more details and some long term projections of the investments:

http://www.nytimes.com/2014/08/02/your-money/individual-retirement-account-iras/for-teenagers-starting-and-saving-in-a-roth-ira.html?_r=0

If someone starts a Roth and contributes $5,500 each year until age 65 and earns a 5% return, starting 6 years earlier (19 instead of 25) will generate over $250,000 more in earnings for the additional $33,000 investment, so it is better to start younger (the old compound earnings story, of course.)  The key is starting early.

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