I learned about this amazing strategy to set up your kids for retirement. You can contribute to their IRA from the moment they're born if you hire them as an "employee" or pay them for "work".

For example, if the child does some chores like cleaning up the yard or cleaning the house you can pay them a real wage. They can take up to $7000 USD tax free (if you pay them as an LLC) into their retirement account per year.

Assume you do that from the age of 0 to 17. With the stock market having an average return of 10% per year, you would have contributed $119k but the account would be worth $312k due to the 10% compounding growth.

Now, assume your child doesn't contribute a single dollar from the age of 17 to 65 (age of retirement). The account would grow to $30 million USD just from the 10% compounding growth per year.

Your child retires a millionaire regardless of what path they take in life.

Roth IRA contributions can be withdrawn tax free at any time. Earning withdrawals are taxed and penalized at an additional 10%.

Also, if you hire them as an employee or contractor for your own personal business you can take a tax deduction because they would be considered a business expense.