Easiest way to make your Kid a Millionaire
Easiest way to make your Kid a Millionaire
Every parent wants to secure his child’s financial future, but not many know how. Here is the secret!
By using their tax allowances wisely, parents can actually make their children millionaires.
First of all, parents needs to start a pension pot when a child gets born, and by contributing just £88 per month to a child self invested pension plan (SIPP) until the age of 18, the fund should easily reach £1 million by the time they reach 65.
Even though making regular contributions to a child’s pension may not seem like the proper choice, the nature of SIPPs and the tax relief offered by the Government is a very simple way of securing children’s financial future in retirement.
“Financial planning for children is always a high priority for parents who wish to safeguard their children’s financial future. We have a significant number of parents already using an Alliance Trust Savings SIPP for their children in order to take advantage of the tax relief and flexibility that SIPPs offer.” Steve Latto, head of pensions at Alliance Trust Savings, said.
child a millionaire
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Posted by McKenzieDean on Jul 28 2010 Filed under Finance. You can follow any responses to this entry through the . You can leave a response or trackback to this entry
