Q&A: Can You Open an IRA for Someone Else's Kid? (And Should You?)
Afford Anything | Make Smart Money Choices · Paula Pant, Personal Finance Expert | Cumulus Podcast Network
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Show Notes
#637: Nick wants to set up an investment account for his nephew to contribute annually, creating a nest egg for college since the parents are already opening a 529. He's unsure whether a standard brokerage account, IRA or other options work best when you're not the parent.
Diana asks whether she needs TIPS in her portfolio to protect against inflation. Or can she just rely on other investments that outpace inflation?
She's also wondering about the tax implications of TIPS ETFs. This matters during her peak earning years.
Prethive asks whether he should switch from Roth to Traditional 401(k) contributions. When he retires, he wants to move to a tax-free state. Or maybe move abroad.
He wonders if moving to avoid state taxes in retirement would save more money long-term.
Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode.
Enjoy!
P.S. Got a question? Leave it here.
For more information, visit the show notes at https://affordanything.com/episode637https://affordanything.com/episode637
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