1417Power’s mission is to empower families to help their children be more successful in life, by providing Life Skills Development, Early Teen Work Experience, Retirement Wealth Building for their teenage family members in a risk free month to month relationship.
1417Power accomplishes this mission by accepting enrollment fees from sponsors. The fee entitles the child to a specific number of employment hours for the following month. 1417Power then employs the child in our on-line program with an hourly pay rate in excess of $26 per hour. This pay rate supports providing a significant contribution to a Roth IRA savings program. A Roth IRA started at age 14 and funded for 6 consecutive months could accumulate over $40,000* tax exempt wealth for the child’s retirement. If it is funded for 5 consecutive years, it could accumulate almost three million tax exempt dollars* for the child’s retirement. Our employment meets all Child Labor Laws and Fair Labor Standards Act requirements. The Savings portion of the pay is directly deposited to their Roth IRA account, at their broker.
* 1417Power RECOMMENDS the savings be deposited to a Roth IRA and allowed to compound until retirement. The Tax Exempt wealth accumulated by age 70 (expected retirement age after 2035). The Roth IRA values presented herein are based on an annual average of 9.5%. As examples the Russell 2000 ETF (NYSE: IWM) 15-year average annual return is 7.7%. The 50-year S&P500 index (NYS: SPY) has been 11.5%. The Roth IRA values herein are mathematical calculations; they are not a prediction or forecast. Past performance of a fund or index is not a predictor of future performance.