I would like to start giving my grandchildren gifts manually rather than just giving them my inheritance when I pass. How much am I able to give without burdening my grandchildren with the taxes being taken off that money?
In 2022, you can gift $16,000/per year per person without having to fill out a gift tax form. If a child is married, you could gift that amount to each spouse for a total of $32,000/year.
A Roth 401(k) works just like a traditional 401(k) with one big difference — contributions are made with after-tax dollars.They were introduced in 2001, making Roth 401(k)s a relatively new option for retirement savings. It combines the best features of a 401(k) and a Roth IRA: High contribution limits with no income restrictions on who can contribute. And, like a traditional 401(k), you can borrow money from your Roth 401(k).Read more here: https://www.beyond-wealth.com/blogs/should-you-contribute-to-a-pre-tax-401k-or-roth-401k