A reader asks whether using the full tax-free allowance for their 3-year-old twins is the best way to set them up for later life
A reader asks whether using the full tax-free allowance for their three-year-old twins is the best way to set them up for later lifeI have a question about tax-free investing for children. We have twins turning three this week and are considering putting the maximum amount per child each year into tax-free accounts for them.
The numbers for investing into a tax-free account for children are staggering. Just one lump sum payment of R36,000 would translate into more than R100,000 of income every year in today’s spending power at age 65.
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