It might be worthwhile to let your readers know that, even if one’s income is below the amount where they must file a tax return, they neverthelessfile a tax return. I volunteer at a site where we do free tax preparation, and we encourage filing even when not required. It can help identify or potentially prevent identity theft, and it provides documentation of tax status that may be helpful in the future.Thanks for that tip.
Starting to save so young for retirement is a marvelous idea, since all those decades of compounded returns will really add up. Let’s assume two people save $6,000 a year and earn a 7% average annual return. The person who starts saving at age 36 would accumulate about $650,000 at age 66. The person who starts at age 16, by contrast, would have about $2.5 million.Your grandson’s parents were smart to open a low-cost account, presumably at a discount brokerage.
The simplest way to start investing would be to choose a low-cost target date mutual fund. He would choose one with a date closest to his likely retirement age, so one that’s labeled something like “Target Date 2070.” If you want to encourage him to learn more, consider buying him a book about investing, such asI am 81 and opened a Roth IRA before retiring 15 years ago, but have not added to that account since.
lizweston Is this an Ad for Turbo Tax ?
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