Starting a Family
How to make the financial transition to being a parent
Having a new baby is a time of joy and wonder. But for many new parents, it can also seem a bit financially overwhelming. There are new roles and responsibilities and a whole new set of financial priorities.
From handling new bills to tax implications to education saving, planning ahead will make the transition to parenthood a lot easier. Here are some ways to get started:
Request a Social Security number for your child right away. You'll need it to claim a dependent on your income tax return, to designate him or her as a beneficiary on your 401(k) or IRA, or to open a custodial or 529 account. For details, go to SSA.gov
The information on this website is for educational purposes only. It is not intended to be a substitute for specific individualized tax, legal or investment planning advice. Where specific advice is necessary or appropriate, consult with a qualified tax advisor, CPA, financial planner or investment manager.