My kids are young, but we have some savings opportunities through being self employed and me making the kids work that legally allow us to be able to do things like contribute to their Roth etc.
How much do you work to setup kids for future retirement success.
My wife and I have decided that we are going to work until the last one graduates high school, which gives us about 15 years. 15 more years of work and saving as we have been puts us into the extremely comfortable situation at the age of 50 by our estimates and calculations.
How much do you contribute to 529 plans, kids roth's, custodial accounts etc for your kids along the way? Does the Secure 2.0 act change that?
If we max out the state tax deductible contributions to 529s we are looking at giving them $21,600 this year between the three of them.
We have already done for 2022 tax year:
1. 2500 worth of w-2 wages to roth plus will be doing 625 to her SEPIRA for the oldest,
2. 1500 worth of w-2 wages to roth plus 375 to her sepIRA for the middle child
3. nothing for the youngest and his help does not justify a wage at this point.
Just struggling with making transfers that are obviously advantageous to them now vs potentially giving up the cash for opportunities in pursuit of trying to make our pot bigger to leave to them when we pass.
How much do you work to setup kids for future retirement success.
My wife and I have decided that we are going to work until the last one graduates high school, which gives us about 15 years. 15 more years of work and saving as we have been puts us into the extremely comfortable situation at the age of 50 by our estimates and calculations.
How much do you contribute to 529 plans, kids roth's, custodial accounts etc for your kids along the way? Does the Secure 2.0 act change that?
If we max out the state tax deductible contributions to 529s we are looking at giving them $21,600 this year between the three of them.
We have already done for 2022 tax year:
1. 2500 worth of w-2 wages to roth plus will be doing 625 to her SEPIRA for the oldest,
2. 1500 worth of w-2 wages to roth plus 375 to her sepIRA for the middle child
3. nothing for the youngest and his help does not justify a wage at this point.
Just struggling with making transfers that are obviously advantageous to them now vs potentially giving up the cash for opportunities in pursuit of trying to make our pot bigger to leave to them when we pass.