Starting a Family

How to make the financial transition to being a parent

Starting a family is a time of joy and anticipation. But for many new parents, it can also seem a bit overwhelming. There are new roles and responsibilities as well as a new set of financial priorities and issues to consider, from child care expenses and tax implications to saving for education.

Planning ahead will make the transition to parenthood a lot easier. Here are some ways to get started:
Make sure you 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 account or 529 plan. For details, go to SSA.gov.

(1109-10800)

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.

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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.

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