In The Media

The most important thing to consider before setting up an investment account for your children is determining the purpose of the funds.

“We use this rule every day,” says Rob Burnette, a CEO and investment advisor representative with Outlook Financial Center.

A self-directed IRA is a type of traditional or Roth IRA, meaning it allows you to save for retirement on a tax-advantaged basis and has a contribution limit in 2023 of $6,500, or $7,500 for people age 50 and older, says Lori Gross, financial and investment advisor at Outlook Financial Center.

“These funds receive an agreed-upon interest rate and are often laddered to mature over a specified time frame, allowing for preservation of capital with a rotating stream of income,” says Lori Gross, an investment advisor at Ohio-based Outlook Financial Center.

“When it comes to low-risk investments, it all depends on your personality, risk tolerance, objectives and investment horizons,” says Lori Gross, lead investment advisor at Outlook Financial Center.

“We’re seeing a much larger increase in the standard deduction than was originally forecast,” said Rob Burnette, CEO, financial advisor and professional tax preparer at Outlook Financial Center in Troy, Ohio.