October 20, 2023
Financial Milestone Birthdays
Faith & Finance with Rob West
You probably remember looking forward to your birthday when you were a kid. As we get older, birthdays don’t seem to hold the same charm. Today, we’ll look at some birthdays that are more important than others – financially speaking.
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Show Notes
Whether you prefer to ignore your natal day … or you still celebrate with gusto every year, there are a few birthdays we all need to recognize. We’re referring to the birthdays with financial implications.
HERE’S OUR LIST OF FINANCIALLY IMPORTANT BIRTHDAYS: Day One: Newborns can be registered for Social Security immediately.Childhood: At age 15, one can get a learner’s permit which affects parents' insurance rates. It's advised to research and shop around for auto coverage.Age 18: This is the legal age of adulthood. Key actions include registering to vote, potential military service registration, and self-medical decision making. Parents are advised to discuss financial responsibilities with their 18-year-olds.Age 19: Parents can't claim you as a tax dependent anymore, but college students have until age 24.Age 21: Self-employed individuals can invest in a SEP-IRA.
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