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The 401(k), of course, isn't a real tax-deferred retirement account. These accounts basically available to those with wages reported on the IRS. Instead, these are 401k Kid accounts, which can be savings accounts, custodial checking accounts, or even brokerage personal information. The purpose of this 401k Kid account isn't so much to fund future retirement, though will be a noble goal. We've positioned it for our as a "car fund" or a "college fund" or a "down payment for first house" fun