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Replies: 22
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Legend [16733]
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Looking to open a Roth IRA for my children. Any advice?
Dec 5, 2023, 9:19 AM
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I have 4 adult children, youngest is 29. What is the best way to set up Roth IRA for each of them?
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All-In [25712]
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Re: Looking to open a Roth IRA for my children. Any advice?
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Dec 5, 2023, 9:26 AM
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Google it.
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110%er [5121]
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Re: Looking to open a Roth IRA for my children. Any advice?
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Dec 5, 2023, 9:34 AM
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I guess, since you’re asking strangers on the internet, that you don’t have a financial planner. I would recommend you get one.
I wouldn’t have been able to retire early without the guidance of my financial planner.
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110%er [5483]
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Re: Looking to open a Roth IRA for my children. Any advice?
Dec 5, 2023, 3:43 PM
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I highly recommend a financial planner for everyone. Ours is more than worth his cost. Plus he is an avid CU grad and fan.
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CU Guru [1654]
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Its pretty easy really.
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Dec 5, 2023, 9:36 AM
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You can walk in to a Charles Schwab or any of those investment brokers. If you do it where you control it you don’t pay them any fees and if you put the money in their must funds you pay hardly Any mutal fund fees either. If you are a business owner you can pay them like they are employees, it would be under 12k a year so they don’t pay taxes, your taxable incomes decreases and the growth of course is not taxed.
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CU Guru [1654]
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Or of course you can let one of the planners
Dec 5, 2023, 9:37 AM
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Manage it, but since it’s not a ton of money to start it’s not hard to pick their s&p 500 or a few generic funds and just keep flowing the money into it
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Legend [16207]
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Re: Looking to open a Roth IRA for my children. Any advice?
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Dec 5, 2023, 9:37 AM
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Put all your assets in a self managed Trust. You control it until you are dead and even after you are dead or appoint one of your children. Then have a will in place. See tax benefits regarding estate tax.
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Mascot [19]
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Rule #1 Don't ask idiots on a board for advice.
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Dec 5, 2023, 9:48 AM
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I'd be happy to manage your money. Call me at BR459. Ask for Junior.
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All-In [30837]
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they can open their own through their banks
Dec 5, 2023, 9:56 AM
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you can put money into it.
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110%er [6397]
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Re: Looking to open a Roth IRA for my children. Any advice?
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Dec 5, 2023, 10:15 AM
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Open one with Vanguard. Contribute the maximum amount (7K/year). Every two weeks, put as much money as you can stomach into VTSAX. Keep buying that every two weeks, over and over again, for a really long time.
Book recommendation: The Simple Path to Wealth by JL Collins.
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All-TigerNet [11028]
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Re: Looking to open a Roth IRA for my children. Any advice?
Dec 5, 2023, 10:17 AM
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Bypass that headache and send those funds to me. You'll never have to worry about that money again!
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All-In [27190]
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Re: Looking to open a Roth IRA for my children. Any advice?
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Dec 5, 2023, 10:18 AM
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I don't mean to sound glib, but talk to your financial advisor. I use Edward Jones and I've been very happy with them.
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Orange Blooded [2336]
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Re: Looking to open a Roth IRA for my children. Any advice?
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Dec 5, 2023, 10:19 AM
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Dabo says buy stock in Clemson!
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Starter [398]
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Re: Looking to open a Roth IRA for my children. Any advice?
Dec 5, 2023, 11:48 AM
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The advice by Noodle was right on.
You can give them the funds but they need to open the account themselves.
Your youngest is 29 so you may have children whose earnings exceed the limits to utilize a Roth. They can do traditional IRA if that is the case.
There are different ramifications in Roth withdrawals before 59 1/2.
The person who opens their account will explain that.
This amounts to a gift. If you have gifted them other funds this year you will want advice on the limits.
The max on Roth is well under the limit.
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All-Pro [686]
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Re: Looking to open a Roth IRA for my children. Any advice?
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Dec 5, 2023, 4:19 PM
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The advice by Noodle was right on.
You can give them the funds but they need to open the account themselves.
Your youngest is 29 so you may have children whose earnings exceed the limits to utilize a Roth. They can do traditional IRA if that is the case.
There are different ramifications in Roth withdrawals before 59 1/2.
The person who opens their account will explain that.
This amounts to a gift. If you have gifted them other funds this year you will want advice on the limits.
The max on Roth is well under the limit.
Two TU. Sound advice. I might add that each ROTH account owner must have an annual earned income (W2) no less than the amount placed in the ROTH annually.
i.e., no W2, no IRA of any type.
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110%er [7497]
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They would need to do it. They are adults. Each of their
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Dec 5, 2023, 12:24 PM
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situations may be different. The youngest is 29. It’s possible that some will qualify for a Roth while others won’t as there are income limitations. Also depends on what they are already contributing to other retirement elsewhere. This can all be done without a financial adviser but will require you to talk to your kids and they would need to be engaged in the process. It’s not like opening a bank account or 529 for a minor. How you provide them the $ to fund involves some thought as well beyond the setup. Do some more research on your own through legit websites or reading or if it is totally out of your wheelhouse, go see a CFP to get started on the process.
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Orange Blooded [2112]
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Re: Looking to open a Roth IRA for my children. Any advice?
Dec 5, 2023, 12:27 PM
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Vanguard
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All-TigerNet [13153]
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Put it all in Solyndra***
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Dec 5, 2023, 12:28 PM
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Orange Blooded [4970]
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I worked at Vanguard for 6 years
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Dec 5, 2023, 12:30 PM
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My series 6 and 63 licenses are long expired. Call their client services number and speak to a qualified rep. 877-662-7447
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Heisman Winner [111644]
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Re: Looking to open a Roth IRA for my children. Any advice?
Dec 5, 2023, 3:48 PM
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I went to JG Wentworth to get my nest egg, I was able to retire at 46.
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Head Coach [752]
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Re: Looking to open a Roth IRA for my children. Any advice?
Dec 5, 2023, 4:10 PM
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If they are fully functioning and capable they need to take initiative and do it for themselves.
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All-TigerNet [10934]
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Re: Looking to open a Roth IRA for my children. Any advice?
Dec 5, 2023, 4:15 PM
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If you're investment savvy, set them up an account with Fidelity, transfer in the money and select the investment options. Fidelity offers some decent ETFs that pay dividends or you can pick your own stocks. Everything can be done from your home computer and maybe a phone call or 2.
I'm a dividend person so I look for the dividend income from stocks. The accounts fluctuate in value but I recover the original cost of the stock over about 10 years from dividend income.
You have to stay on top of it. If you want to "set it and forget", find a reputable company to handle it for you.
Message was edited by: saddis56®
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CU Guru [1655]
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Re: Looking to open a Roth IRA for my children. Any advice?
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Dec 5, 2023, 4:19 PM
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Is this a serious question? you came to a football board for financial advice?
Do you have a broker? Ask them. If not get a broker and then ask them.
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Replies: 22
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