The more likely scenario is if the kids live a long time, by that point, you are really giving the benefit to your childs spouse/your grand children. And when your advisor says that they’ll have $1M for retirement, that isn’t entirely accurate. There will be a balance in the ...
Increasing your pension contributions by £5,000 a year will reduce your income to £50,000. You’ll therefore keep all your child benefit. If yours is a two-income family and you both earn over £50,000, then you’ll both need to make the extra top-ups to take you both below...
One benefit of this approach is that your child will most likely encounter plenty of people in his adult life he disagrees with. Help him learn the skills he needs to handle those disagreements calmly and appropriately. 4. Don’t Forget to Notice Their Good Behavior Maybe you’re thinking,...
There are plenty of options if you have money left over from a 529 plan. You can save the money for graduate school or transfer the remaining funds to another child. In addition, you could keep the money growing tax free for potential grandchildren. Or pay the 10% penalty and taxes on ...