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re: Preparing and planning for children's future. Could use some feedback.
Posted on 3/23/26 at 9:12 am to lsuconnman
Posted on 3/23/26 at 9:12 am to lsuconnman
quote:He could absolutely do something stupid w a Roth early. Contributions can be withdrawn tax and penalty free anytime, conversions after 5 years. Even worse, could pull growth and face tax and 10% penalty. There's no protection against foolishness.
Roth..which will have a material impact, and he can’t do anything stupid until he’s 59 1/2
0
Posted on 3/24/26 at 10:14 am to DiamondDog
Well done.
Wont repeat what others have said.
Couple of adds:
529s. Don’t over fund 529s. We aimed for 90% of estimated future 4 year state school costs, including tuition, room & board, books. Felt better to have options for the 10% (or more if not state school) rather than lock in funds to 529 rules (note: this was before could convert unused funds to Roth IRAs so might have changed our approach but likely not much).
Financial education for kids. Most important! Teach them power of compounding interest, investing, budgets, debt, risk & insurance…and most of all…appreciation for value of earning it. This will likely influence and / or set up your future generations to be in a much stronger starting point that it sounds like you were. Hear you on that!
Good luck!
Wont repeat what others have said.
Couple of adds:
529s. Don’t over fund 529s. We aimed for 90% of estimated future 4 year state school costs, including tuition, room & board, books. Felt better to have options for the 10% (or more if not state school) rather than lock in funds to 529 rules (note: this was before could convert unused funds to Roth IRAs so might have changed our approach but likely not much).
Financial education for kids. Most important! Teach them power of compounding interest, investing, budgets, debt, risk & insurance…and most of all…appreciation for value of earning it. This will likely influence and / or set up your future generations to be in a much stronger starting point that it sounds like you were. Hear you on that!
Good luck!
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