A teen with a part-time job can contribute to a Roth IRA, which is a flexible way to accumulate funds for college, retirement, and other long-term needs.
In July 2023, the Department of Education launched a new income-driven repayment plan for federal student loans called the Saving on a Valuable Education Plan.
Purchasing a fixed annuity shifts the risk for future investment returns to the insurance company and could help create a pension-like income stream for retirement.
A tax credit and/or dependent-care flexible spending account might help offset some of the costs paid for a nanny, babysitter, day care, preschool, or day camp.
Calculate the rate of return you would have to receive from a taxable investment to realize an equivalent tax-exempt yield.
How much life insurance would you need to produce a sufficient income stream for your family?