An open letter to Mark Zuckerberg:
I hear that you plan to give away 99 percent of your Facebook shares for philanthropic purposes – what a great idea! You already had 1.2 million “likes” this morning for the announcement – and why not? Your timing makes sense – as a new parent, you naturally begin to think about legacy and the world in which your children will live.
As you said in the video announcing creation of the Chan Zuckerberg Initiative: “Having this child has made us think about all of the things that should be improved in the world for her whole generation.”
While you and your wife, Dr. Priscilla Chan, begin the search for ways to make an impact, here’s a suggestion that should pique your interest as parents of a newborn: rescue the future retirement security of every child in America. The price-tag: $500 per child.
That’s what it would cost you to give every newborn a “Baby Roth” account – a tax-advantaged savings account that could grow, with compounding, into a meaningful nest egg by the time they retire. More in my column today at Reuters Money.