Stacy Lobermeier, age 17, works at Sbarro in Cottonwood Mall. Starting a teen's Roth IRA with their first job can pay big in the future.

Having children make Roth IRA contributions when they get their first job could have major benefits, according to a Smart Money article.

Roth IRAs, rather than regular IRAs, are beneficial for children because they can withdraw money for other expenses if needed without having tax penalties.

Not having a tax-deductible contribution will probably not be a problem, because any other deductions are unlikely to be more than the standard deduction of $5,950. Generally, that is the advantage of a traditional IRA compared to a Roth.

While teens are unlikely to save all their money, if they make a meaningful contribution each year, it can dramatically help retirement savings. For example, a 15-year-old will have saved just under $89,000 at 60-years-old if $1,000 is contributed for three years and the return is 8 percent.