Another option would be to help your grandkids to start saving. Suggest that they take some of their earnings from their after school job and open a Roth IRA in a zero finance charge Index Fund (such as at Fidelity) and offer to gift them that amount after they make the deposit (their parent(s) will need to help them set up the account). Maybe for the next $1000 you could give them 50% or so. It will teach them the importance of long term investing and watching their investments and will be a lifelong lesson and be one of the best gifts they will ever receive.
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Another option would be to help your grandkids to start saving. Suggest that they take some of their earnings from their after school job and open a Roth IRA in a zero finance charge Index Fund (such as at Fidelity) and offer to gift them that amount after they make the deposit (their parent(s) will need to help them set up the account). Maybe for the next $1000 you could give them 50% or so. It will teach them the importance of long term investing and watching their investments and will be a lifelong lesson and be one of the best gifts they will ever receive.
Post: Is it better to give away money now or upon death?
Link to comment from May 1, 2023