Should we set up super accounts for our pre-teen kids?
The article discusses the idea of setting up super accounts for pre-teen children as a means of investment. It highlights potential benefits, such as tax advantages, but also points out significant limitations. Ultimately, the author questions whether this approach is practical given the restrictions on accessing funds until retirement age.
- ▪Establishing super accounts for children is rarely discussed in the context of financial planning.
- ▪Children cannot make concessional contributions to super without earned income, which limits the strategy's effectiveness.
- ▪Funds in super are locked until at least age 60, posing challenges if children need access to the money for other purposes.
Opening excerpt (first ~120 words) tap to expand
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Excerpt limited to ~120 words for fair-use compliance. The full article is at The Sydney Morning Herald.