Hi everyone,
I'm trying to help my son but I really don't know what I'm doing. He has a Roth IRA in Target Retlirement 2065 (VLXVX) and a UGMA account in Lifestrategy Moderate Growth Fund (VSMGX) and a 401K that says RFUTX AM FD 2060 Tgt Dt Ret R6.
He is only 23 and doesn't make a whole lot of money but he maxes the ROTH IRA out and contributes to his 401K. I think 20% or so so I'm proud of him for doing that which he has been doing for a couple of years. He doesn't contribute to the UGMA. That was a gift from his grandfather which I offered to him long ago but all 3 of my children are content with me holding on to it and letting it grow. It wasn't a huge amount but it has doubled in the past 10+ years. I think I'm going to force them to take it anyway as I would feel better. I imagine they could just leave it where it is but under their name? Or maybe put it in a completely different fund?
Anyway, after consulting with my son who btw has very little interest in finances other than he likes to see his money grow and thinks I know what I'm doing which I don't LOL is fine with being more aggressive and putting his money in 100% stocks. I have no idea on how to do this. Can someone walk me through it? I have a daughter who has a Roth who would probably be okay changing her mix to 100% stocks too. I just don't want to mess it up.
Any suggestions on what to do with the three accounts so they grow and the kids don't have to worry about them? I know the target retirement accounts are a set it and forget it but I've seen many recommend 100% stocks for the young ones. I'm reading the growing rich slowly now and plan on having a small session with all 3 just so they have a basic understanding which is about all I can hope for at this point. I keep telling them they can become millionaires without hardly trying as long as they start young. The other two are 21. I was happy they all 3 paid attention to a zoom session recently with our estate planner so they know what to do when we pass on. One of them said all I know is I'll call that lady and ask her what to do![:D]( "Very Happy")
That's a start.
Thank you for your help.
I'm trying to help my son but I really don't know what I'm doing. He has a Roth IRA in Target Retlirement 2065 (VLXVX) and a UGMA account in Lifestrategy Moderate Growth Fund (VSMGX) and a 401K that says RFUTX AM FD 2060 Tgt Dt Ret R6.
He is only 23 and doesn't make a whole lot of money but he maxes the ROTH IRA out and contributes to his 401K. I think 20% or so so I'm proud of him for doing that which he has been doing for a couple of years. He doesn't contribute to the UGMA. That was a gift from his grandfather which I offered to him long ago but all 3 of my children are content with me holding on to it and letting it grow. It wasn't a huge amount but it has doubled in the past 10+ years. I think I'm going to force them to take it anyway as I would feel better. I imagine they could just leave it where it is but under their name? Or maybe put it in a completely different fund?
Anyway, after consulting with my son who btw has very little interest in finances other than he likes to see his money grow and thinks I know what I'm doing which I don't LOL is fine with being more aggressive and putting his money in 100% stocks. I have no idea on how to do this. Can someone walk me through it? I have a daughter who has a Roth who would probably be okay changing her mix to 100% stocks too. I just don't want to mess it up.
Any suggestions on what to do with the three accounts so they grow and the kids don't have to worry about them? I know the target retirement accounts are a set it and forget it but I've seen many recommend 100% stocks for the young ones. I'm reading the growing rich slowly now and plan on having a small session with all 3 just so they have a basic understanding which is about all I can hope for at this point. I keep telling them they can become millionaires without hardly trying as long as they start young. The other two are 21. I was happy they all 3 paid attention to a zoom session recently with our estate planner so they know what to do when we pass on. One of them said all I know is I'll call that lady and ask her what to do
That's a start.Thank you for your help.
Statistics: Posted by geocache59 — Mon Jan 20, 2025 5:47 pm — Replies 0 — Views 36