housepicks Posted February 14, 2019 Author Report Share Posted February 14, 2019 Oldest works and goes to school. That’s what I expect them all to do. Just seems like a good plan to get them on the right path. Quote Link to comment Share on other sites More sharing options...
IAG Posted February 14, 2019 Report Share Posted February 14, 2019 Oldest works and goes to school. That’s what I expect them all to do.Just seems like a good plan to get them on the right path.Jmo, but at your age, I would keep all my savings and investments fairly liquid (other than your own personal retirement) and gift it to them later unless you are completely set for life now. You still have two kids at home for a while. Unless everything is paid off and you have a LOT of money in the bank, I wouldn’t set up retirement accounts for 17 year olds that can’t be touched without penalty....and they become owner when turn 18 anyway, Are you paying for their college? First things first my friend. Quote Link to comment Share on other sites More sharing options...
housepicks Posted February 14, 2019 Author Report Share Posted February 14, 2019 I’m under te impression that you can take out contributions without penalty, just not gains. Quote Link to comment Share on other sites More sharing options...
IAG Posted February 14, 2019 Report Share Posted February 14, 2019 I’m under te impression that you can take out contributions without penalty, just not gains.No. Not in an IRA. Quote Link to comment Share on other sites More sharing options...
milwaukee mike Posted February 14, 2019 Report Share Posted February 14, 2019 I’m under te impression that you can take out contributions without penalty, just not gains. that's not true with traditional ira distributions Quote Link to comment Share on other sites More sharing options...
housepicks Posted February 14, 2019 Author Report Share Posted February 14, 2019 Roth IRA is what I have and what I’m looking at for them. Quote Link to comment Share on other sites More sharing options...
IAG Posted February 14, 2019 Report Share Posted February 14, 2019 I stand corrected. Apparently in an Roth IRA you can. Reading about it now. Sorry. I’m only versed in traditional IRA’s. Quote Link to comment Share on other sites More sharing options...
housepicks Posted February 14, 2019 Author Report Share Posted February 14, 2019 So basically it’s a savings account you can grab from whenever you want but you have to leave in your interest. Quote Link to comment Share on other sites More sharing options...
IAG Posted February 14, 2019 Report Share Posted February 14, 2019 But they are the owners had at age 18, so you could not just make withdrawls when you want, it then becomes their money. That’s why am saying unless you are a completely set for life with no mortgage and have them through school , I don’t see why you would set up a retirement plan for them. Seems like it would make more sense to help them with school or down payment on a home or something. They have a lot of time to save for retirement. Quote Link to comment Share on other sites More sharing options...
housepicks Posted February 14, 2019 Author Report Share Posted February 14, 2019 I don’t think we are on the same page. I’m not planning on putting huge sums of money in 4 kids ira’s. I’m just getting it going for them and will try to convince them to add small sums of money rather than take from it. Maybe I’ll buy them a share of voo for their birthdays. I’m not taking their college debt so I’m trying do something else of significance. Quote Link to comment Share on other sites More sharing options...
IAG Posted February 14, 2019 Report Share Posted February 14, 2019 I don’t think we are on the same page. I’m not planning on putting huge sums of money in 4 kids ira’s. I’m just getting it going for them and will try to convince them to add small sums of money rather than take from it. Maybe I’ll buy them a share of voo for their birthdays.I’m not taking their college debt so I’m trying do something else of significance. I see...and it’s a nice gesture. We just view things differently. And that’s ok. You’re a good dad. What is Voo? Quote Link to comment Share on other sites More sharing options...
housepicks Posted February 14, 2019 Author Report Share Posted February 14, 2019 https://finance.yahoo.com/quote/VOO Quote Link to comment Share on other sites More sharing options...
WVU Posted February 14, 2019 Report Share Posted February 14, 2019 Oldest works and goes to school. That’s what I expect them all to do. Just seems like a good plan to get them on the right path.open them a land portfolio. They will have fun with it and will learn a ton. Land is a great investment. Quote Link to comment Share on other sites More sharing options...
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