First baby, already saving in a 529 and UTMA Brokerage for him, what else can be done? Open to ideas on how to best set him up for future success - at least financially

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Nah.

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When your son is of working age (high school through college), have him work and then match all earnings to his Roth IRA up to the annual max. You can still support him financially for practical purposes, but this way that’s tax-free growth in the Roth IRA with lots of years of compounding.

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Yup, that’s the plan, we have a family business as well, a sandwich shop, so I don’t even need to have him work, once he is 13, I can just him a 1099 for the IRA max instead of taking it at profit for me, but thanks for the input - definaltey on the radar for the future.

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If you want an out of the box idea, you could look at a trust to save for your baby’s retirement. I wouldn’t necessarily recommend this product, but you could look at the RIC-E trust as an example:

https://www.annuitygator.com/independent-review-of-the-ric-e-trust-ric-edelman/

The basic idea is funding it with $10,000 when the baby is born, but it would not be withdrawn until retirement age. Using average stock market returns, that $10,000 would be forecasted to grow to about $2 million by that time. Funding it at age 18 with $40,000 would be forecasted to reach the same $2 million.

I like this, I will definately read up on this, the UTMA account does scare a little because he would have control at 21, but something like this could hep

I think you're doing it right in terms of tax sheltered savings. I think there are other programs that allow you to essentially prepay for college at today's prices, but varies by state, and limits options on where they can attend.

Thanks - the shop it’s too small to try and play that game with the IRS - I do have friends with larger businesses who may be open to that idea - they could actually use my son in their social media, and he could charge for it, will need to talk to my wife if she is cool with that :)

Roth IRA - get a biz to pay for them for something (modeling has been mentioned) so they have earned income. My wife owns her own biz and we put around $1k for each kid in their Roth IRAs (since birth).

I plan on contributing to their Roth IRAs until they max out their 401k and can afford to contribute fully to their Roth IRA. Might as well transfer wealth while we are alive and teach them how to grow wealth for their children.

the cpa & fin advisor (same firm) we use keeps up with all the guidelines, rules and “boundaries”. It’s worth getting pro help.

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