Consider gifting a Roth IRA
December 12, 2019
I’m Miriam Neff-with STARTING OVER FINANCIALLY, and I’m Valerie Neff Hogan, and we’re here to talk about money
M We’re collecting meaningful impactful ideas for Christmas giving. Consider starting a Roth IRA for a relative. Taxes are already paid on the gift. As much as $5,500. can be given into this investing tool that contains funds for retirement. Upon retirement you pay no taxes on the distributions including investment growth.
V For young wage earners you may start with as much as they have earned in a year not to exceed that $5,500. Moms and Dad’s or grandparents can sit with that youngster and help them pick the equities in the tool. Its a great educational tool to help the next generation become investment wise.