3 ms·
I don't think you can do the IRA, but yeah, this is the way to do it. Event if you put just a few hundred in per month, it'll grow to a sizeable amount in 65 y
by HumblyTossed 3y ago
I don't think you can do the IRA, but yeah, this is the way to do it. Event if you put just a few hundred in per month, it'll grow to a sizeable amount in 65 years. That means if your kids never put in more than the company match, they'll still have a pretty decent amount at retirement and have more money each month for rent or house payment.
- BizarroLand 3y agoI will speak with a CFP/CFA before I go about willy-nilly throwing sizeable amounts of money at something. I would probably also put the account into a trust that would prevent them from drawing down until they are 55 unless they are injured or otherwise have a desperate need that is more urgent than their retirement, like their child has an expensively treatable disease or something.