Dr. Friday explains a new tax-advantaged savings program that helps parents build retirement savings for children born between 2024 and 2029.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
The OBB created a new tax-advantaged savings account. This is kind of interesting—many people may not have heard of it. This is accounting for young children. Up to $5,000 can be contributed to an account each year.
The federal government will automatically put $1,000 for each child born after 2024 through 2029. Contributions are not tax deductible, but the fact is you’re starting to save for their retirement.
We all know Social Security is a little questionable. Your little ones may need it extra and get $1,000 a year from the government to put into that account.
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