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Chris Carosa– Chief Contributing Editor at FiduciaryNews.com and Author of the book: From Cradle to Retirement: The Child IRA
Episode # 65
Award winning financial writer Christopher Carosa, with more than three decades in the investment and retirement business, has been referred to as an “imbedded journalist.” He has written more than a thousand feature stories, columns, and exclusive interviews as Editor-in-Chief of FiduciaryNews.com, contributing weekly columnist for BenefitsPro, and regular contributor to a variety of other print and digital news publications. In addition, he has written five non-fiction books, a popular stage play, and, as Publisher of the Mendon-Honeoye Falls-Lima Sentinel, hundreds of “homespun” commentaries.
We all have dreams. Not just for ourselves and our businesses, but our families too. Chris Carosa is an award-winning financial writer, publisher, and columnist. He is the President and Chairman of the Board of the Bullfinch Fund, a family of flexible no-load mutual funds. His funds are frequently ranked in the top ten nationally by Lipper and during the “lost decade” between 2000 and 2010 actually earned a positive return of nearly 50%. But there’s something more important to him than his work. It’s his family. In particular, his children. He’s the kind of father that prefers to do more than give his children a fish. He seeks to teach them how to fish. Of course, sometimes you’ve got to give them that fish so they can imagine themselves fishermen. This is a story of how Chris discovered a way to give his children fish. Mr. Carosa earned his undergraduate degree in Physics and Astronomy from Yale University and MBA from the Simon School. He has been designated a Certified Trust and Financial Adviser by the Institute of Certified Bankers. Chris is the author of 5 books, a stage play, and has been interviewed and quoted in The Wall Street Journal, The New York Times, USA Today, Barron’s, CNBC, Fox Business News, and the NBC Nightly News. In From Cradle to Retirement, he shows you how any family can reap the benefits from creating a Child IRA – a path once thought only available to the rich.
If there were a way for every newborn child to retire a multi-millionaire, wouldn’t every parent want to know it?
The concept is quite simple. From the moment the baby is born, you save $1,000 a year in a Child IRA until the baby’s 19th birthday. Then you do nothing. If that money is invested for the long-term and earns 8% (which is 3% less than the average 11% long-term return for stocks), then, when that child retires at age 70, the Child IRA account would have grown to two-and-a-quarter million dollars.
Alas, there’s a catch. There is no such thing as a “Child IRA.” In reality, parents who create a Child IRA today must establish a traditional IRA, but there are restrictions which limit whether a child qualifies. Don’t you think parents want to know what they could do right now to allow their child to benefit from a Child IRA?
Author Christopher Carosa thinks so. A veteran financial journalist specializing in retirement plans and investments, he has interviewed hundreds of people involved in the retirement industry – from people saving for retirement to retirement plan service providers to state and government regulators. These interviews have produced hundreds of stories, articles, and reports published for national audiences by print and digital media outlets. His thoughts and opinions have been sought out and broadcast on various national TV and radio networks.
In From Cradle to Retirement, Carosa expertly pieces together these thoughts and interviews to reveal a practical “How-to” guide for parents, grandparents, and their financial advisers seeking to help young children reap the benefits of the Child IRA. Within this hands-on guide, Carosa weaves the fascinating history the cultural views of retirement in America and the implications these have had on public policy. Finally, and perhaps of greatest interest, Carosa reveals real-world case-studies of people who have created actual Child IRAs for their children. Still more case-studies show how parents have attempted to duplicate some of the Child IRA’s features with other savings vehicles.
KIDS: 2 Girls ages 22 & 24 and a Boy age 20
Listen to the Podcast HERE!