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Thumb of Michigan | You been given some good ideas, but IDK if I completely agree with the Roth IRA/savings part, although I would have up until last year.
I'd suggest to EVERYONE to consider starting a Trump Account for any kids under 18, for a couple of reasons.
First off, you cannot do a Roth IRA without earned income (think of SS taxation type income), with the limit being the lessor of earned income or $7,500 for 2026. Whereas a Trump Account has NO earned income requirement, but does have a $5,000 annual contribution limit, along with real low administration cost.
There's more to the TA, (like they are no available until 7-4-2026) but I'll keep it short at this time. | |
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Keys to helping next generation
