Blog for John Sweeney - Elder, Wills, Estates, Trusts, Special Needs, Business, & Tax Lawyer in CT and NY

Contribute to your Child or Grand Child's Retirement Plan

Posted by John Sweeney | Aug 18, 2017 | 0 Comments

The Wall Street Journal has an interesting article on why a parent or a grand parent would want to contribute to a child's retirement plan right after they got out of college.  This is a technique not often mentioned that has a fair amount of merit.

Using IRA's, Roth IRA's and 401K accounts can maximize the contributions early which grow to a large amount at retirement since they were contributed early.  It helps your child get a head start on a financially secure retirement.

From a practical perspective, you would gift your child and amount equal or less than the current gift amount of $14,000 and it would go right into the retirement account.  The growth of the funds can be almost 40 times the original contribution over 50  years.

About the Author

John Sweeney

John is an experienced lawyer who helps you solve your problems. He practices Elder, Wills, Estates, Trusts, Special Needs, Business, & Tax Law in Fairfield County CT and Westchester County New York. He brings a wealth of experience in law, business, tax, insurance, and finance to arrive at practical solutions with compassion and care. Honest, direct and practical, he is focused on you and your problems. He also brings a wealth of personal experience from his own large family and aging parents.

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Elder, Wills, Estates, Trusts, Special Needs Tax & Business Law; Attorney John Sweeney

Sweeney Legal, LLC, provides legal, practical, and business counsel to Seniors, families, and businesses in the Fairfield, Connecticut area, including the communities of Bridgeport, Bethel, Brookfield, Danbury, Darien, Easton, Fairfield, New Canaan, Newtown, Norwalk, Redding, Ridgefield, Stamford, Weston, Westport and Wilton. John is also licensed in New York serving Westchester County including the towns of Bedford, Lewisboro, Mount Kisco, North Salem, Pound Ridge, and Somers.

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