Can i open a 401 k for a child?

Yes, you can open a 401(k) for a child if they have earned income from a job, as 401(k) plans require the participant to have earned wages. However, it's more common for parents to consider opening a custodial IRA (like a Roth IRA) for children, as these accounts are often easier to manage and have fewer restrictions. Before proceeding, it's important to consult a financial advisor to understand the best options available for saving for a child's future.