There is a program from the Treasury Department known as myRA (my retirement account) which was initiated in 2014 and will continue in 2015. You can obtain complete information by going to the website: www.myRA.Treasury.gov
The program was initiated to help those workers who do not have access to employer-sponsored retirement plans. The concept is to help Americans to start to plan and save for their retirement. But, as a parent, it is also a good way to instill the financial concept of “saving for the future”.
There is an excellent article written my Melanie Hicken (January 30, 2014) titled: “What you need to know about Obama's 'myRA' retirement accounts” (www.money.cnn.com/2014)
According to the article: “Once the program reaches full implementation, anyone who has direct deposit for their paycheck will be eligible to sign up, Treasury said.” (Currently, not all companies may offer the payroll deduction for myRA accounts, but it is worth finding out.)
An adult part-time worker can allocate up to $5,500 per year (there are income limitations), but at present there is a lifetime cap of $15,000. However, the myRA account can be converted later to a traditional RothIRA. There are other exceptions to the account, for example limits on total household income for eligibility, and penalties for early withdrawal. The good news is that the myRA account has no administrative fees and accrues interest. The myRA funds are invested in government savings bonds and investors can never lose their principal. It is easy to set up an account on-line via the government website.
By encouraging your adult children to explore options for their retirement, you are helping them toward a secure financial future.