4 Smart Ways to Help Your Grandchildren Financially
4 Smart Ways to Help Your Grandchildren Financially
Once you have your own retirement plan in place, you can use these tips to give your grandchildren a financial head start.
This story originally appeared on NewRetirement.com.
Once you have solidified your own retirement plan and have saved enough, you may find yourself wanting to help your grandchildren. You might want to lessen their financial burden by paying for their college or reward them for meeting various goals.
1. Gifting
Giving money is one way to help your grandchildren.
If you are in a financial situation where you want to simply give money to your grandchildren that they can use however they please, simply gifting money is a viable option. However, you should keep the federal lending limit in mind while doing so, explains Michael Gross, CFP/CPA, and the owner of Rising Tides Financial.