Most children, whether they are teenagers or younger, don't spend a lot of time worrying about retirement. After all, when you're juggling schoolwork, extracurricular activities, and all the other challenges of adolescence, saving for retirement may not even register on your radar screen.

Some young people will open individual retirement accounts (IRAs) when they receive paychecks from their first job. But IRAs make excellent savings vehicles for people of an even younger age. Because of their tender years and the decades they have ahead of them; children are poised to take full advantage of time and the power of compounding within this type of tax-advantaged savings vehicle.

However, savvy parents, grandparents, and other family members can still step in to help jumpstart their children's retirement savings. Talk to your financial advisor to the iWealth team to discuss your investments.

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Should My Kid Be Saving For Retirement? 03:29 Share

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Should My Kid Be Saving For Retirement?