Graduation season leaves many wondering what to get the newlyminted grad. I have a suggestion: Give them the money they need tostart an IRA. It's the gift that keeps on giving.

This idea comes from a chapter in my latest book “Hey! What's My Number?” It alsostems from the frustration I felt every year my parents surprisedtheir grandkids with a savings bond. The idea was to teach the kidshow to save and invest. Now, we all know those savings bonds don'tyield much when it comes to long-term investing. In fact, becausethey're worth more to me from a sentimental standpoint than fromany measure of pecuniary value, I've never cashed in the savingsbonds I received as a kid.

Upon granting their grandkids the usual savings bond gift, I'dtell my parents if they wanted to teach the kids to save andinvest, give them shares in a long-term growth mutual fund. Itwasn't until I started writing “Hey! What's My Number?” that Irealized the true value of my comment. All my kids have had jobs asteenagers. In every case, I “encouraged” (as only a father can)them to max out on their IRA contribution. I don't know what's instore for them career-wise, but I do know giving them a head starton saving for retirement will benefit them in ways they may be tooyoung to appreciate right now. But, in 50 years, they'll know thewisdom of their old man. Maybe they'll even use it to help theirown grandkids.

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Christopher Carosa

Chris Carosa has been writing a weekly article and monthly column for BenefitsPRO online and BenefitsPRO Magazine since 2011 and is a nationally recognized award-winning writer, researcher and speaker. He’s written seven books, including From Cradle to Retire: The Child IRA; Hey! What’s My Number? – How to Increase the Odds You Will Retire in Comfort; A Pizza The Action: Everything I Ever Learned About Business I Learned By Working in a Pizza Stand at the Erie County Fair; and the widely acclaimed 401(k) Fiduciary Solutions. Carosa is also Chief Contributing Editor of the authoritative trade journal FiduciaryNews.com and publisher of the Mendon-Honeoye Falls-Lima Sentinel, a weekly community newspaper he founded in 1989. Currently serving as President of the National Society of Newspaper Columnists and with more than 1,000 articles published in various publications, he appears regularly in the national media. A “parallel” entrepreneur, he actively runs a handful of businesses, including a small boutique investment adviser, providing hands-on experience for his writing. A trained astrophysicist, he also holds an MBA and has been designated a Certified Trust and Financial Advisor. Share your thoughts and story ideas with him through Facebook (https://www.facebook.com/christophercarosa/)and Twitter (https://twitter.com/ChrisCarosa).