Helping Your Children to have A GOOD Retirement (USA)
RECAP 1). Open a custodian account & set up small monthly saving and invest in VUG (Vanguard Growth) ETF. Tip: I didn’t have the extra money, so I funded their accounts by using gifted money they have received since little. 2). Hire them to work for you before 18 of age. Per IRS, you don’t have to pay payroll taxes, their payroll can be write off as business expenses. The kids get to fund their Roth IRA until 18. Tip: Their Summer earnings to fund their Roth. As long as it is EARNED money, you can fund the Roth account.. 3). Fund their Roth 401k (if the employer offers that) as soon as they start working until they have a family of their own. As we know, our kids will make more $ as they mature in their profession & WILL PAY HIGHER taxes. Here is the link to the source https://youtube.com/shorts/WzHW7mznIpk?si=eLZ5XmS6j7eHpYJ8