Many grandparents go above and beyond to offer financial help to adult children and grandchildren. If you’re seeking to contribute to your grandkids’ financial future, one option might involve opening a custodial Roth IRA (http://www.irs.gov/Retirement-Plans/Roth-IRAs) on your grandchild’s behalf as soon as he or she starts reporting earned income. While grandparents often find 529 college
Honoring Grandparents Who Raise Their Grandkids
At a stage in life when many people are already comfortably retired, some 2.7 million grandparents have taken on the responsibility of providing basic needs for their grandchildren, according to data compiled by Generations United. An alarming 21 percent of these vital caregivers live below the poverty line, even though 60 percent are still in the workforce.