Married couples can use multiple strategies to build wealth when they take advantage of various tax credits and deductions.
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Retirement accounts like 401s, IRAs or regular brokerage accounts are also an option for couples. Investing those extra dollars from tax breaks means couples have more money that can potentially grow and enjoy the benefits of compound interest. “It could be your niece, your nephew, your cousin, it could be you, whoever’s gonna use the money for educational expenses,” Young says. ”That’s one way for you to reduce your tax liability and put the money somewhere that’s going to give you a resource to build generational wealth.”
Married couples who take advantage of this larger limit can save more annually for their kids or loved one’s kids and potentially help them grow wealth faster.
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