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Roth IRA and UTMA for younger kids
Posted on 7/12/24 at 5:30 am
Posted on 7/12/24 at 5:30 am
Currently have Roth IRA and utma for my kids through American funds. Looking to move them to vanguard. Would VOO and VUG be good selections for them, so should I look for something else? About 45k in the Roth and 45k in the utma currently
6
Posted on 7/12/24 at 7:44 am to Herecomethehawks
Don’t they need income to do a Roth?
Posted on 7/12/24 at 7:46 am to GeauxTigers123
Yes, they do. Got that covered.
Posted on 7/12/24 at 7:56 am to Herecomethehawks
You don’t have to change providers to buy those funds. Are there other fees or rationale behind the move?
Posted on 7/12/24 at 8:04 am to Herecomethehawks
quote:
Would VOO and VUG be good selections for them,...
In my opinion yes. Many years ago when each child started working parttime jobs while in high school, I opened IRAs for them. Used Vanguard Index 500 mutual fund for them. ETFs didn't exist back then. You are getting them off to a good start.
Posted on 7/12/24 at 8:05 am to lynxcat
Wanting to get away from the fees associated with the financial planner. I assume he isn’t providing much if any benefit to us.
Posted on 7/12/24 at 9:25 am to Herecomethehawks
VOO is a good one for set it and forget it. VFIAX is the “admiral version”, but almost identical to VOO and I believe a .01 percent higher fee.
Question - do you have whole life insurance policies for your kids? I just started researching those and like that they have the ability to borrow against them later in life.
Question - do you have whole life insurance policies for your kids? I just started researching those and like that they have the ability to borrow against them later in life.
Posted on 7/12/24 at 9:38 am to Herecomethehawks
Younger kids have 45k? How are you able to pull this off?
I'm mostly ball busting but why are you asking our advice if you have no issues skirting the roth rules?
I'm mostly ball busting but why are you asking our advice if you have no issues skirting the roth rules?
Posted on 7/12/24 at 10:09 am to jsquardjj
Please do not turn this into a whole life thread.
Posted on 7/12/24 at 10:24 am to lynxcat
i was about to respond and figured i would leave it alone. then saw your post, and agree
Posted on 7/12/24 at 11:50 am to jsquardjj
quote:
Question - do you have whole life insurance policies for your kids? I just started researching those and like that they have the ability to borrow against them later in life.
Stop now before you do this.
Posted on 7/12/24 at 11:52 am to baldona
They (twins) have been featured in regional tv and print advertisements for the past 4 or 5 years, so that’s where they generate their income. We have been able to contribute the maximum to their Roth IRAs
We have always used a financial planner/advisor for everything, but feel like maybe we aren’t seeing much benefit for the fees they charge ( don’t even really what the fees are). We have a fair amount invested, just never been in charge of it, so not very knowledgeable.
Appreciate any and all advice.
We have always used a financial planner/advisor for everything, but feel like maybe we aren’t seeing much benefit for the fees they charge ( don’t even really what the fees are). We have a fair amount invested, just never been in charge of it, so not very knowledgeable.
Appreciate any and all advice.
This post was edited on 7/12/24 at 11:55 am
Posted on 7/12/24 at 6:25 pm to Herecomethehawks
quote:
We have always used a financial planner/advisor for everything, but feel like maybe we aren’t seeing much benefit for the fees they charge
Did the same for my Roth. Had a financial advisor w/Edward Jones doing mine. I basically saw everything he was putting my funds in and copied the ones I agreed with in my own Roth thru Vanguard. ED Jones takes like 1.5 % fees which from what I understand is one of the highest out there. Transferred everything online
This post was edited on 7/12/24 at 6:26 pm
Posted on 7/13/24 at 10:05 am to Herecomethehawks
Read up on American funds fees. I think they are loaded funds, meaning they charge a 5% or so fee at the time of the purchase of the funds. Not sure how their expense ratio/fees are after that.
Posted on 7/15/24 at 10:12 am to Ric Flair
Go in to fixed at a lower or none then exchange in to equity. You will pay lower or none up front. Especially when you look at breakpoints.
But I am a fan of actively managed over index funds as a whole. I want someone managing the store so to speak. Index returns are weighted weird and don’t actually show the true/real past return or performance of them either.
But I am a fan of actively managed over index funds as a whole. I want someone managing the store so to speak. Index returns are weighted weird and don’t actually show the true/real past return or performance of them either.
This post was edited on 7/15/24 at 10:13 am
Posted on 7/19/24 at 4:43 am to LSUtiger89
quote:
Don’t they need income to do a Roth?
They need income but they don't have to have a real job. You can give your kids a certain amount of money for "chores" before they have to file taxes. Then there's another amount that makes them not qualify to be a dependent. I don't remember the exact amounts.
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