Did you know that any child who has earnings from a part-time job is eligible to have a Roth IRA, even though they are not yet an adult? Establishing a Roth IRA on behalf of a child, funded either from your child’s direct savings or gifts from you, presents a unique opportunity to take advantage of the outstanding benefits of the Roth IRA savings vehicle.
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Teaching your kids the fundamentals of investing can seem like a daunting project during times of economic stability. Factor in the extreme market volatility we’ve seen during the COVID-19 pandemic, and even the basic tenet of “buy low, sell high” becomes complicated to explain. Our sister site, SageVest Kids, offers an age-appropriate guide to help children understand the principles of the market and how to make sound investment strategies now and in the future.
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In the past few weeks, our children’s lives have been turned upside down. From school closings, performance and sport cancellations, postponed traditions such as prom and graduation, to no more playdates, the way our kids interact with the world is evolving minute by minute. However, in the midst of these social losses, there’s an abundance of opportunities for children to give to and help people and organizations in need, nationally and within their local community.
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The SECURE Act of 2019 imposes significant changes for inherited IRAs received from an account owner who dies post December 31, 2019.
The law previously allowed beneficiaries of inherited IRAs the ability to ‘stretch’ IRA distributions over their lifetime. This helped to reduce the tax burden of inherited IRA distributions by potentially extending distributions over many years, particularly for younger individuals.
The passing of the SECURE Act dramatically limits the ability to defer distributions from inherited IRAs received from a decedent who dies as of January 1, 2020 or later. The new law requires all inherited IRA assets to be distributed within 10 years of the IRA owner’s death, with a few exceptions, including for minor children.
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SageVest Kids is dedicated to helping parents teach their kids sound money management skills from an early age into adulthood. Of all the money skills your kids need to learn, sensible spending and careful saving are the most fundamental. SageVest Kids provides a summary of the most important saving and spending milestones for kids by age.
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The holiday season and year’s end motivate many people to give charitably, whether by donating money to a specific cause, volunteering at a local food bank, or providing gifts to families in need, as examples. However, teaching your children the meaning behind giving, and instilling philanthropy as a family value can be done throughout the year. We offer suggestions on how to go about teaching charitable giving to your youngsters and teens.
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Teaching your kids about finances is an important parenting responsibility. A healthy approach to wealth increases the odds that your kids will enjoy greater life opportunities, more financial freedom, and less stress as adults. Our sister site, SageVest Kids, is dedicated to helping you teach your kids about money. If you don’t know when or how to begin, there’s no time like the present. Use our back-to-school kid’s financial literacy checklist to kick off their financial education with the start of the new school year.
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SageVest Kids offers an easy, step-by-step, age-appropriate curriculum to help you teach your kids about money from an early age. By the time your teen leaves for college, they’ll need to have a basic understanding of the following money management skills, to help them achieve success with their college finances and beyond.
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As the end of summer nears, it’s time to start thinking of heading back to school – and that means back-to-school shopping! School shopping provides an excellent opportunity to expand your kids’ financial education with real-world examples of careful budgeting, sensible spending, and much more. SageVest Kids shows parents how to use school shopping to help further your kids’ financial education.
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Teaching your kids about money doesn’t have to be dull, and summer activities don’t have to break the bank. While summer camp and other activity costs can quickly prove pricey, these easy and fun money activities for kids from SageVest Kids are simple, low-cost, and help teach your kids about money.
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