From specialized piggy banks for younger children to establishing custodial brokerage accounts or Minor Roth IRAs for teenagers, there are a variety of ways you can give your kids a head start on understanding the importance of saving, investing and appreciating money this holiday season. And don’t forget the most important gift of all—a college education, which you can make more affordable by establishing a 529 College Savings Plan for each child. Earnings are never taxed and can be withdrawn tax free if they’re used to pay for qualified educational expenses. Each parent can contribute up to $15,000 per year per child with no gift tax implications and each grandparent can make one-time, gift-tax free contributions of up to $75,000.
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Not everyone looks at their personal financial future through rose colored glasses. In fact a recent Gallup poll shows Americans not yet retired are more worried than anytime in the past ten years. Discouraged savers who see the glass-half-empty may actually need different financial strategies just based on their outlook. We give you solid financial planning tips that can make your outlook.
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