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College and University Discussion
Reply to "Is 20k a year less a reason to choose the cheaper school? "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]80k put into a Roth IRA before age 25 would pretty much secure the kids retirement. [/quote] Maybe but it’s pretty hard to do[/quote] Hard and actually not possible. Roth IRA contribution this year is limited to $7000– and there has to be at least $7000 of earned income by the Roth IRA holder. So if your kid is earning seven grand in 2024-then you can make that contribution into an account and their name. You cannot just put 80k into an account![/quote] So use that 80K to fund a Roth IRA yearly before 30, and once they get a full-time job, use it to fully fund a 401K. [/quote]
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