In the midst of a loneliness epidemic, many Americans are lonely. But men — though hard for them to admit it — tend to be the loneliest.
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Lukas Rychvalsky
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Via Unsplash
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Topline:
In a nation in the midst of a loneliness epidemic, many Americans are lonely. But men — though hard for them to admit it — tend to be the loneliest. We explore some underlying reasons why, and how men are finding ways to deal with by forging new friendships.
Why it matters: A 2023 report from the organization Equimondo found that two-thirds of surveyed men between ages 18 and 23 say “no one really knows me.” According to a 2021 report by the Survey Center on American Life, one in seven men say they have no close friends. For comparison, 30 years ago, more than half of men surveyed reported having at least six close friends. (Some have called it a “friendship recession.”)
This isn’t limited to one subgroup of men either. While the root causes may differ, these feelings of loneliness are felt across different age groups as well as racial, ethnic, cultural and sexual identities: Black men report feelings of isolation as do Latino men and men who identify as LGBTQ. And fifteen percent of young men under the age of 30 say they don’t have a single close friend.
Such feelings can lead to other mental, psychological and physical challenges: alcohol and/or drug abuse; depression. Men are four times more likely to take their own lives compared to women, according to the Centers for Disease Control. (Elderly men over the age of 85 are 17 times more likely to take their own lives than women of a similar age).
#244: For the next installment of our series on How to Not Be Lonely in LA, we're honing in on one demographic: Men. In all the conversations we’ve been having with people about loneliness and human connection...be it with experts or every day Angelenos …this theme kept coming up: In a nation in the midst of a loneliness epidemic, A LOT of people are lonely. But men, typically, are the loneliest. How To LA producer Megan Botel speaks to experts in the male experience to unpack the reasons why men tend to be lonelier than women, the importance of male friendships, and how men can create meaningful connections. If you or someone you know is in crisis and needs immediate help, call or text the Suicide and Crisis Lifeline at 988, or visit the 988 website for online chat.
Why Are Men So Lonely These Days?
#244: For the next installment of our series on How to Not Be Lonely in LA, we're honing in on one demographic: Men. In all the conversations we’ve been having with people about loneliness and human connection...be it with experts or every day Angelenos …this theme kept coming up: In a nation in the midst of a loneliness epidemic, A LOT of people are lonely. But men, typically, are the loneliest. How To LA producer Megan Botel speaks to experts in the male experience to unpack the reasons why men tend to be lonelier than women, the importance of male friendships, and how men can create meaningful connections. If you or someone you know is in crisis and needs immediate help, call or text the Suicide and Crisis Lifeline at 988, or visit the 988 website for online chat.
#244: For the next installment of our series on How to Not Be Lonely in LA, we're honing in on one demographic: Men. In all the conversations we’ve been having with people about loneliness and human connection...be it with experts or every day Angelenos …this theme kept coming up: In a nation in the midst of a loneliness epidemic, A LOT of people are lonely. But men, typically, are the loneliest. How To LA producer Megan Botel unpacks the reasons why men tend to be lonelier than women, the importance of male friendships, and how men can create meaningful connections.
Listen to the How to LA episode
#244: For the next installment of our series on How to Not Be Lonely in LA, we're honing in on one demographic: Men. In all the conversations we’ve been having with people about loneliness and human connection...be it with experts or every day Angelenos …this theme kept coming up: In a nation in the midst of a loneliness epidemic, A LOT of people are lonely. But men, typically, are the loneliest. How To LA producer Megan Botel unpacks the reasons why men tend to be lonelier than women, the importance of male friendships, and how men can create meaningful connections.
When Dave Pidancet's third son was born early last year, he knew something had to change.
With now three children under 6, he struggled with feelings of isolation and loneliness as a stay-at-home dad in Mar Vista. He found himself going long stretches of time surrounded by kids, not interacting with another adult.
“For men especially, it's a little embarrassing to admit that we're lonely or that we need a friend,” Pidancet says. “We might invent some reasons for why we're not reaching out and getting out of the house, like we’re too busy, our kids need us, the house is falling apart.”
But as research about the nationwide loneliness epidemic mounted, he decided to take action and “push through the awkwardness,” as he put it. He attempted to talk about these feelings with other dads.
It was within these conversations that he realized nearly every man he spoke to was, to some extent, in the same pain.
“It's almost like an unspoken ache that we might have,” he says. “Men really value their independence and their ability to take care of other people. In general, men are reluctant to ask for help.”
How, and to what extent, are men struggling?
In the midst of a loneliness epidemic, many Americans are lonely. But men — though hard for them to admit it — tend to be the loneliest.
“Many men, and especially younger men, feel disconnected and very often uncertain of their purpose in life,” said Richard Reeves, writer, professor and president of the American Institute for Boys and Men. “They have fewer friends, they're less likely to be in a romantic relationship, and they're unclear about their path.”
A 2023 report from the organization Equimondo found that two-thirds of surveyed men between ages 18 and 23 say “no one really knows me.” According to a 2021 report by the Survey Center on American Life, one in seven men say they have no close friends. For comparison, 30 years ago, more than half of men surveyed reported having at least six close friends. (Some have called it a “friendship recession.”)
This isn’t limited to one subgroup of men either. While the root causes may differ, these feelings of loneliness are felt across different age groups as well as racial, ethnic, cultural and sexual identities: Black men report feelings of isolation as do Latino men and men who identify as LGBTQ. And 15% of young men under the age of 30 say they don’t have a single close friend.
Such feelings can lead to other mental, psychological and physical challenges: alcohol and/or drug abuse; depression. Men are four times more likely to take their own lives compared to women, according to the Centers for Disease Control. (Men over the age of 85 are 17 times more likely to take their own lives than women of a similar age).
“Although a lot of men will put a brave face on it when you really talk to them about it, what you'll find is that face is very often masking a lot of uncertainty and isolation,” Reeves says. “Which put together can lead to a real loss of purpose.”
What's underneath male loneliness
So why are men so lonely these days?
The answer is complex and somewhat amorphous. But some point to one simple trend: The dwindling number of places for men to make friends with other men.
“A lot of those places we used to hang out or congregate at have kind of eroded,” says Shannon Carpenter, author of The Ultimate Stay-At-Home Dad.
As a stay-at-home dad of three, Carpenter struggled to find advice for fathers of all walks of life who wanted to be more involved with their families. After joining a local dads group — which he’s now been a part of for 16 years — he saw that fathers were all yearning for some direction and companionship in a new era of gender dynamics.
As women have become more independent and social norms have changed — “which is a good thing,” Carpenter emphasizes — some men have been left feeling adrift, unsure of how they now fit in, he says.
“And this is not a problem for women to fix,” he says. “It’s a problem for men to fix.”
Over the past several decades, the spaces that once anchored men’s lives — church, work, male-only social clubs, etc. — have become less central, or in some cases, obsolete. Disconnected from these institutions that once provided naturally borne friendships with other men, many men are now struggling to find connections.
“We have underestimated the extent to which the institutions of the workplace and the family, maybe even some religious institutions have actually provided spaces where male friendships were formed almost automatically,” Reeves says. “To some extent the male loneliness crisis is a reflection of a kind of broader institutional crisis that faces many men.”
Research shows that men do in fact have a harder time making friends and deep connections compared to women. Reeves adds that historically, friendships have been seen as “women’s work,” with women traditionally acting as a sort of social organizer for the family.
“As that's becoming less and less true, that has exposed the fact that maybe many men lack the skills or the institutions or the habits that are required to sustain those friendships,” he says. “What you're seeing is just this whole period in which men are having to figure this out for themselves in a way that we just haven't in previous generations.”
Rise of men's groups
In the midst of this epidemic within an epidemic, one thing is clear: Men need other men.
Given the troubled, sexist history of some places where men have historically fraternized, it’s easy to scoff at the idea that men need more spaces to gather to be around other men, Reeves warns.
But men really do need help. “We have to address the root causes or things don’t change,” Carpenter says. “And that’s a hard thing to do, because then you have to convince men to be vulnerable.”
For many, help looks like joining a men’s support group.
Pidancet, who is now co-organizer of L.A. Dads Group, which meets several times a month for outings with other local dads like museums, movies, play dates at a park with the kids or a “guy’s night out,” says the group has helped him feel less isolated in his role as a stay-at-home dad.
“Getting involved with the dad group helps me realize that I have something to offer the fellow parents in my life, going beyond just providing for my family,” he says. “It's brought kind of an extra layer of purpose.”
For dads and other men out there who may be struggling, Pidancet encourages them to be intentional — and “a bit bolder than you’re comfortable with” — about building relationships.
Members of L.A. Dads Group out with their kids.
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David Pidancet
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L.A. Dads Group
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“Actually reach out to send that text message to your friend you haven't heard from in a long time, or to strike up a conversation with that dad that you saw at the pickup,” he urges. “That other person is probably looking for the same thing that you are. He's also looking for connection.”
Beyond making a point to reach out to others, men must also be careful to not hyperfocus their lives on work, Carpenter says, “which is easy for them to do.”
“Work is honorable, it gets you where you want to be, but you cannot neglect yourself when you do it,” he adds. “Carve out time for yourself and go find your people.
The importance of fostering male friendships goes beyond just benefitting the men involved, Reeves says. These connections are where men can learn the emotional skills to be good partners, parents, employers and thrive in other roles that are crucial for a healthy society.
“There's a real danger that we're missing some of the fragile beauty of male friendship,” he says. “Male friendships perhaps require a little bit more work and a little bit more support, but by God, is it worth it.”
Other stories in this series
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From A ‘Lonely Road’ To An Artist Haven: How This Music Community Helps Angelenos Feel Less Alone
Mariana Dale
is proud of her distant Norwegian heritage and excited to cheer on the team in the quarter-final.
Published July 8, 2026 5:12 PM
Fans cheer during the World Cup round of 16 soccer match between Brazil and Norway in East Rutherford, N.J.
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Pamela Smith
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AP
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Topline:
Norway’s historic World Cup performance has brought together Southern California’s relatively small, but spirited Norwegian community.
Why now: They’ve been packing into a San Pedro Church, a Westside Irish bar and have taught people to row like a Viking at watch parties throughout the region, after Norway qualified this year for the World Cup for the first time since 1998.
Norwegian pride: Vilde Vevatne, who was born and raised in Oslo but now lives in L.A., said she’s proud of the team’s performance on the pitch but also their attitude outside of the matches. “ How kind and humble the team are being. … They're not bragging unnecessarily,” Vevatne said. “They're genuinely just excited to be there. They're doing their best job and not thinking they're better than anyone else.”
What's next: Saturday’s quarterfinal game between Norway and England in Miami is scheduled to start at 2 p.m.
Norway’s historic World Cup performance has brought together Southern California’s relatively small, but spirited Norwegian community.
They’ve been packing into a San Pedro Church, a Westside Irish bar and have taught people to row like a Viking at watch parties throughout the region, after Norway qualified this year for the World Cup for the first time since 1998.
Several Norway soccer watch parties, including the one at Joxer Daly's in Culver City, promise waffles.
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Courtesy Elise Maeland
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“This whole experience also just reminded me of why I'm proud of being Norwegian and all of these values that the society and my parents instilled upon me from a young age,” said Vilde Vevatne, who was born and raised in Oslo, but now lives in L.A.
She’s proud of the team’s performance on the pitch, but also their attitude outside of the matches.
“ How kind and humble the team are being … They're not bragging unnecessarily,” Vevatne said. “They're genuinely just excited to be there. They're doing their best job and not thinking they're better than anyone else.”
Vevatne says it’s the embodiment of the Law of Jante.
“That's like an unwritten rule in Norwegian culture where we're taught from a young age ‘Don't think you're special. Don't think you're better than everyone else,’” Vevatne said. “Just be part of the pack and just be a nice, genuine person."
Norway's Erling Haaland has scored seven goals in the World Cup as of July 8. “ I think he has just exploded as a superstar coming out of the game,” said Erik Steigen.
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Image Photo Agency
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Getty Images
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And now SoCal’s Nordic community has an open invitation for anyone looking for a team to support during the quarter-finals.
Row with us. (The practice of imitating a Viking longboat of warriors rowing into battle started within the last year, but quickly became a viral phenomenon.)
“ We're a small country. We need every fan we can have,” said Petter Isaksen, who helped organize the watch parties at the Norwegian Seaman’s Church in San Pedro.
“Now there are almost no Norwegian sailors left, but there's still a lot of Norwegians in L.A. and in SoCal,” Isaksen, who works as a host at the church, said. “We're there for them as a church and as a cultural center,”
The church hosts groups for toddlers, knitting and Norwegian language classes in addition to a Sunday Lutheran service that welcomes all faiths.
And five days a week, there are waffles for sale— always heart-shaped and with your choice of goat cheese, jam or sour cream.
“We can eat several,” Isaksen said.
The Seaman's Church in San Pedro has long been a gathering place for Southern California Norwegians and has hosted watch parties since the World Cup qualifying matches.
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Courtesy Petter Isaksen
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Isaksen has followed Norway’s football team “since I was born,” and started organizing the watch parties at the church during the qualifying matches.
He said dozens of people, including several new to the church, have attended each watch party for communal singing, waffle-eating and rowing.
“Everyone, whether they're, like, 12 weeks or 99-years-old, they're in on it,” Isaksen said. “It's so much fun, and it brings so much togetherness.”
Cathrine Chiaro, left, and Petter Isaksen, right, both work at the Norwegian Seaman's Church in San Pedro.
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Courtesy Petter Isaksen
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‘Where are all the Norwegians at?’
A Culver City Irish sports bar has become another bastion of Norwegian pride during the World Cup thanks to Erik Steigen.
When he first moved to Los Angeles 30 years ago to work in the music industry, he didn’t prioritize seeking out his countrymen.
“I'm not moving to the US… to hang out with Norwegians and eat lutefisk,” Steigen said, referencing the divisive dried, lye-soaked fish. “I'm here to try to build a career and pursue my own dreams.”
But that changed about a decade ago.
Petter Wichman, right, and his son Erik, left. During the knockout game against Brazil, they lead the whole bar in a session of rowing, despite the fact that most people were cheering for their opponents.
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Courtesy of Petter Wichman
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“I started wondering, ‘Where are all the Norwegians at?’” Steigen said. He joined the board of the Seaman’s Church in San Pedro and today helps organize events through Peer Gynt LA, a cultural group that evolved from an early 20th century chapter of the Sons of Norway lodge.
“When you're from a different country — I've spent most of my life in the U.S. now — I think you become extra patriotic about your native country,” Steigen said.
So why organize a watch party at an Irish sports bar?
Steigen is a lifelong soccer fan, but when he first arrived in the U.S., the national team’s games didn’t broadcast in the states. So he adopted the Liverpool Football Club and often catches the games at Joxer Daly's in Culver City.
When people asked him where to watch Norway play, he defaulted to his home bar.
Steigen wasn’t sure if anyone would show up to watch Norway take on Iraq in their first match, but dozens did — and Norway won 4-1.
“ It's amazing how many Norwegians really exist in L.A. that you've never heard of,” Steigen said.
From left, Erik Steigen, Finn "The Viking" Orvin and Henning Gabrielsen are among the many Norway fans that have watched the matches at Joxer Daly's in Culver City.
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Courtesy Erik Steigen
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Elise Maeland, has attended several of the matches at Joxer Daly’s.
She’s made a handful of Norwegian friends since moving to Southern California more than a decade ago for grad school, but outside of May 17, Norway’s Constitution Day, she said there are few large Norwegian gatherings.
“I feel like that was what was really cool about the World Cup is that it really brought Norwegians together in L.A.,” Maeland said.
She hasn’t decided whether she’ll watch Saturday’s quarter-final at Joxer Daly’s or join a larger watch party in Venice Beach.
“ I'll go where the most Norwegians go,” Maeland said.
Where to watch the game
Saturday’s quarter-final game between Norway and England in Miami is scheduled to start at 2 p.m. local time.
The Seaman’s Church / Sjømannskirken
Address:1035 South Beacon St. San Pedro Watch party: 11 a.m. - 4 p.m. More information:Website, Facebook Good to know: This family friendly watch party promises waffles, hot dogs, popcorn and a bouncy castle for the kids. In addition to Sunday services, the church also runs a Norwegian goods shop — and sells waffles — Wednesday through Sunday.
Joxer Daly's
Address:11168 Washington Blvd. Culver City Watch party: noon - until the match is over. More information:Facebook, Peer Gynt LA website (organizers) Good to know: There will be waffles starting at noon and organizer Erik Steigen recommends arriving early to snag a seat.
Los Angeles World Cup 26 Fan Zone at Venice Beach
Address:1 Windward Ave Watch party: noon - 10 p.m. More information:Website, Facebook Good to know: This event has both free and premium tickets that include a reserved viewing area, food and drinks.
Makenna Cramer
covers the daily drumbeat of Southern California — events, processes and nuances making it a unique place to call home.
Published July 8, 2026 4:50 PM
People standing in line at the Tom Bradley International Terminal at LAX.
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Yusra Farzan
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LAist
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Topline:
L.A. County has confirmed another case of measles in a traveler passing through LAX and at least one other public place July 3, public health officials announced Wednesday. They’re urging people to take precautions against the highly contagious virus.
What you should know: According to the L.A. County Department of Public Health, the infected traveler arrived on British Airways Flight 281 at Gate 155 in the Tom Bradley International Terminal B on July 3. People who were at the gate between 3 p.m. and 4 p.m. may have been exposed.
Potential exposure extended to an LAX Hertz Car Rental Shuttle the same day, as well as a healthcare facility. Anyone at the shuttle from 3:30 p.m. to 4:30 p.m. may be at risk of getting measles. Public health officials did not share dates, times or other details from the affected healthcare facility.
What if I was on the flight? Passengers who were sitting near the traveler will be notified by their local health departments. The CDC and local departments regularly work together for these kinds of exposures on international flights, according to L.A. County officials.
What if I was exposed elsewhere? People who were at the rental shuttle during that time period could be at risk of developing measles. The healthcare facility is directly reaching out to patients and staff, and the Department of Public Health said it's looking into any other potential exposure locations in L.A. County.
What to watch out for: Symptoms including a fever, cough, runny nose, red eyes and a rash can show up a week to three weeks after exposure. Public health officials emphasized that if you start to show these symptoms, don't just walk into a healthcare center without calling ahead first.
The last day to monitor for symptoms from the airport terminal and rental shuttle is July 24.
How to help protect yourself: The best way to protect yourself and your family is with the measles-mumps-rubella (MMR) vaccine — so double-check your medical records. You can find more measles information from L.A. County here.
If you're enjoying this article, you'll love our daily newsletter, The LA Report. Each weekday, catch up on the 5 most pressing stories to start your morning in 3 minutes or less.
Cato Hernández
scours through tons of archives to understand how our region became the way it is today.
Published July 8, 2026 4:23 PM
The sterile moquitoes will be released over 16 weeks.
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Courtesy San Gabriel Valley Mosquito and Vector Control District
)
Topline:
The San Gabriel Valley Mosquito and Vector Control District is releasing more than 480,000 mosquitoes over the next few months in an attempt to squash the local mosquito population.
Why now: Aedes aegypti mosquitoes are the culprits behind all those ankle bites. The peak of the season starts in August for the valley, lasting all the way to October (and sometimes even longer).
How it works: The district is releasing only non-biting sterile male mosquitoes. When they mate, the females don’t produce viable offspring, which will hopefully thwart the season's peak. It's a technique that's been used to some success by Riverside County.
Where is this happening? They'll be released into the unincorporated area of Basset, near Baldwin Park, which has historically seen high mosquito activity.
Read on … to learn about what you can expect.
The San Gabriel Valley is heading into peak mosquito season. If a new program goes well, there'll be even more of the pesky fliers than normal — and that's a good thing.
The San Gabriel Valley Mosquito and Vector Control District is releasing more than 480,000 mosquitoes over the next few months, with an aim to squash the invasive ankle-biters known as Aedes aegypti mosquitoes.
What’s happening
The San Gabriel Valley is one of the L.A. County areas that regularly get a lot of mosquitoes, but every season can be different. As well as being a major outdoor annoyance, Aedes aegypti is the primary carrier of dengue, and while local transmission is historically very low, the species is tough to kill off because their eggs can survive in tiny amounts of water.
That’s why the district is using a technique that introduces sterile insects into the mix. The mosquitoes they’re releasing between now and October are males that carry Wolbachia, a naturally occurring bacteria that makes them unable to have offspring with wild females.
Male mosquitoes don’t bite, so while residents may see more of them, they won’t leave a trail of those itchy bumps.
It’s a technique that’s been used elsewhere in SoCal, including San Bernardino County, with some success.
(Courtesy the San Gabriel Valley Mosquito and Vector Control District)
They’re going to the unincorporated community of Basset, just south of Baldwin Park, because it historically sees more activity. The area averaged more mosquitoes per trap than the district’s service area between 2020 and 2025, according to Anais Medina Diaz, communications director for the district.
Over 16 weeks, these urban bloodsuckers will be released from cardboard tubes in a 25-acre area between the intersections of East Temple Avenue, Millbury Avenue, Moccasin Street and Vineland Avenue.
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Courtesy the San Gabriel Valley Mosquito and Vector Control District
)
They likely won’t travel much farther beyond that. Aedes aegypti populations are known for being short-distance flyers, covering about a tenth of a mile in their lifetime.
Why now?
Mosquitoes are becoming a year-around problem for Southern California, but there are still peaks to the season.
For the San Gabriel Valley, Medina Diaz said the higher Aedes activity happens between August and October.
The district’s program is also lasting longer than other programs in L.A. County for a specific reason. They want to increase the chances for sterile males to mate with wild females, which can live up to two months, according to the district.
By stopping new female Aedes aegypti mosquitoes from being born, Medina Diaz said they hope residents won’t have to deal with as many bites.
Americans have a new way to invest in their kids' futures: Trump Accounts launched over the weekend. Congress approved them last year as part of the One Big Beautiful Bill Act.
Who qualifies: If you have a child born between 2025 and the end of 2028, financial advisors say signing up for a Trump Account should be a simple decision for one reason: The child's account will automatically get a $1,000 seed contribution from the federal government. The money in these accounts will be invested in an index fund that broadly tracks the stock market. Any American citizen under age 18 can have an account, and once they turn 18, they can access that money for things like education or buying a house.
Kids born before that window aren't completely out of luck: Millions of children under age 11 will still get $250. That comes from more than $6.25 billion donated by Michael and Susan Dell of Dell Technologies. That money will only go to children who don't qualify for the federal contribution. To qualify, their families must also live in zip codes where the median family income is under $150,000.
Read on... for other things to consider when planning to save for your children.
Americans have a new way to invest in their kids' futures: Trump Accounts launched over the weekend. Congress approved them last year as part of the One Big Beautiful Bill Act, Republicans' tax and spending law. They function similarly to retirement accounts, but instead of being for adults preparing for their senior years, they're for assisting kids with the start of their adult lives.
The money in these accounts will be invested in an index fund that broadly tracks the stock market. Any American citizen under age 18 can have an account, and once they turn 18, they can access that money for things like education or buying a house. (The money can also be used for other purchases, but that comes with a tax penalty.)
The accounts function as a kind of digital "donation bucket" that many people can contribute to — kids' families, but also philanthropists, their parents' employers, and even the government. Contributions from family and other adults in the children's lives are made in after-tax dollars; contributions from others, such as employers or the government, are pre-tax. The child will only pay tax on the investment's growth once they withdraw the funding.
But there are already plenty of other options for parents to invest in, from education saving plans to their own retirement accounts. So should you sign up your family for Trump accounts? Here are four things to consider.
Your child could get free money from the federal government
If you have a child born between 2025 and the end of 2028, financial advisors say signing up for a Trump Account should be a simple decision for one reason: The child's account will automatically get a $1,000 seed contribution from the federal government.
Financial planner Michael Reynolds with Indiana's Elevation Financial did the math for Morning Edition and said that, even without any additional investments, that $1,000 would become almost $4,000 by the time a kid turns 18. (That's assuming an 8% rate of return and doesn't count the income tax that has to be paid on the growth and initial federal contribution.)
Your kid might be eligible for other donations
Kids born before that window are not completely out of luck. Millions of them under age 11 will still get $250. That comes from more than $6.25 billion donated by Michael and Susan Dell of Dell Technologies.
That money will only go to children who don't qualify for the federal contribution. To qualify, their families must also live in zip codes where the median family income is under $150,000.
And if your children don't qualify for the Dell donation, there are other options that could come your way.
Some companies are also offering contributions, like the memory chip maker Micron. It's giving $250 to up to a million children living near some of its worksites in states like Minnesota, California and New York, as a way to support the local workforce and community. Micron will also match employee donations to their own children's accounts, up to $1,000 per kid.
Other companies, including Mastercard, Uber and Visa, are also offering matches to employees.
That includes some small businesses, too. "We're going to try it out," said Luke Delorme, co-owner and director of financial planning at the finance firm Tableaux Wealth. "Maybe it'll fit into their financial picture in the future in some meaningful way."
Consider your own retirement funding first
Parents should also prioritize their own retirement before putting money away for their kids' retirement, said Carrie Joy Grimes, CEO of the nonprofit personal finance company WorkMoney.
She suggests parents max out their own retirement accounts before other options, "because what happens is we put money into our kids' stuff, and then we end up needing help in retirement — and that is a way worse financial stress on our kids."
Your kids may also benefit from a 529 education plan
Parents can already choose to invest for their children's futures through 529 savings plans. As with Trump accounts, family members can contribute to these plans with post-tax dollars.But there are differences. First, 529 plans allow kids to withdraw the money tax-free. And second, that money can only be used for education.
Parents can opt for both. Financial advisors say how families can benefit from Trump Accounts will depend on their financial situation. For wealthier families with parents who can already afford to max out their retirement accounts and put aside money in a 529, Trump Accounts are essentially an extra tax benefit for their kids.
Ray Boshara, a senior policy advisor at the Aspen Institute, says that lower-income families will primarily benefit from having that digital donation bucket that can accrue contributions for their kids. Those children might be able to start their adult lives with thousands of dollars they otherwise wouldn't have had.
"These accounts will be transformative for them," Boshara says.
Note: Dell Technologies is a financial supporter of NPR.
