Quote:
Originally Posted by strelnik
When my son hits 21, I'm giving him $2,000 as a gift-IRA. He'll forget about it for 40 years and then from there he can do what he wants with it. I'll be 102 and I won't care.
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Hope that one works out like you plan, I'm guessing that if the average parent did this for the average 21 year old you would have a different outcome.
I've had IRA's since I was 22 years old, I've been hurt in the last few years but overall I much prefer this set-up to the standard pension plans I've seen.
As I see it the great advantage to an IRA is the ability to change jobs anytime I want without worrying about what will happen to "my pension" - I can't tell you how many people I've met (mostly in government because they seem to be the only ones that still have standard pension plans) that are just 'hanging on' so they can get their pensions. They are unhappy with their situation but don't have the freedom to pursue other opportunities because of 'the pension' issue.