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Article: My son is 15 and just got his first job. How can I convince him to start saving for retirement?


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Give the kid a break.  He's not yet 15.  Let him enjoy his first paychecks before telling him he should tuck $6,000 a year into a Roth IRA.   At $9 per hour contributing so much, he won't have any money left to even buy cat food to feed himself.

 

Link:  https://www.marketwatch.com/story/my-son-is-15-got-his-first-job-earning-9-an-hour-and-will-want-a-car-soon-how-can-i-also-get-him-to-save-for-retirement-11626400394

 

 

Edited by Burgerwars
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  • Burgerwars changed the title to Article: My son is 15 and just got his first job. How can I convince him to start saving for retirement?

I got my first job at 14, filling in for an older friend washing dishes in a bakery for a few hours on Saturday mornings when he had sports commitments at school.

 

My parents made me save 2/3 of what I made, and between that and the other jobs I worked in high school and college, I was able to get a degree without borrowing a single dollar.

 

I still had money in the bank when I graduated.  Not much money.  But enough to put a down payment on my first car and a deposit on my first place in the Chicago suburbs.  

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Posted (edited)
17 hours ago, cv91915 said:

I got my first job at 14, filling in for an older friend washing dishes in a bakery for a few hours on Saturday mornings when he had sports commitments at school.

 

My parents made me save 2/3 of what I made, and between that and the other jobs I worked in high school and college, I was able to get a degree without borrowing a single dollar.

 

I still had money in the bank when I graduated.  Not much money.  But enough to put a down payment on my first car and a deposit on my first place in the Chicago suburbs.  

Similar story here, but I attended the California State University System when it was still very cheap for in-state residents. Now it's go into debt for the next 20 years to pay for college.

Anyway, telling your kid who is in the 10th grade that you should start saving for retirement I feel is early. 

Edited by Burgerwars
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