How much money your children will have for retirement if you invest the child tax credit every year until they turn 18


CNBC 16 July, 2021 - 03:38pm 26 views

How much is the child tax credit per child?

The American Rescue Plan expanded the Child Tax Credit for 2021 to get more help to more families. The credit increased from $2,000 per child in 2020 to $3,600 for each child under age 6. For each child ages 6 to 16, it's increased from $2,000 to $3,000. It also makes 17-year-olds eligible for the $3,000 credit. treasury.govTreasury and IRS Announce Families of Nearly 60 Million Children Receive $15 Billion in First Payments of Expanded and Newly Advanceable Child Tax Credit

When will I get my child tax credit money?

Answer: The IRS will make six monthly child tax credit payments to eligible families from July to December 2021. The first round of payments will arrive on July 15. After that, payments will be issued on August 13, September 15, October 15, November 15 and December 15. Kiplinger's Personal FinanceChild Tax Credit 2021: How Much Will I Get? When Will Monthly Payments Arrive? And Other FAQs

The child tax credit traditionally gave qualifying families a $2,000 credit per child.

This year, the $1.9 trillion American Rescue Plan Act of 2021 boosted that maximum number up to $3,000 per kid ages 6 to 17 and $3,600 for younger children.

What if you could afford to invest those credits for your child's future? 

CNBC crunched the numbers, and we can tell you how much your child would have for retirement at age 67 if you invest the equivalent of a child tax credit every year until they turn 18. 

Check out this video for a full breakdown of the numbers.

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