saving for grandaughter
What can I do with money saved for my grandaughter besides putting it into a savings account?
Terry Says
Assuming she is young, you want to open a529 college savings account. Read this for instructions:
https://www.terrysavage.com/the-gift-of-college-529-plans/
But perhaps she is already out of college. In that case, you might help her pay down her student loans, if any.
OR, if she is already working, maybe you could help her open a ROTH IRA. She is allowed to contribute up to $7,000 (assuming she earns that much). Go to Fidelity.com for more info on opening an IRA. You could get her started, and she could add to the account out of her earnings.
And a reminder, it’s nice to be a generous grandma, but make sure you have enough money for your own old age!
