We've been talking about getting set up to save for college for this little boy, and J's father, who does financial stuff, gave us good advice. He told us that, instead of a 529 (in the kid's name), we could start a Roth IRA (in J's name). Unless I have a Doogie Howser in my belly, J will be old enough to draw on it without penalty when the kid is college-age. If the money doesn't get used for college, it's easily repurposed.
So, whaddya know? As much as I wanted to start this party YEARS ago, it's nice to discover some of the benefits of how things actually unfolded.
Reality has really been working for me lately!
Hooray for advanced maternal age! Congrats on having a little boy! So excited for you!
ReplyDeleteHaha, well I'm glad to hear there's some advantage in having kids later on in life :).
ReplyDeleteWe definitely want to set some kind of college fund up for our kids - I would love to be able to help them out that way, since my mom just wasn't able to for any of us kids. I joined the Guard and got around the whole issue that way, but my siblings had to take out twice as many loans and work ten times as hard during college just to make ends meet.
Your child will be very grateful for the help :).
HA!! So interesting. I do think "older parents" are more emotionally prepared for parenting, too bad our bodies have not yet caught on to that idea yet.
ReplyDeleteIt's got to be pretty mind-blowing contemplating things that will happen so far in the future. Wow.
ReplyDeleteMy IRA? A portion of it is precisely what afforded me our IVF cycle and this fussy little baby sleeping on my chest right now. ;)
ReplyDeleteHeck yeah, that is a big benefit!!! :)
ReplyDeleteThat is awesome!! I loved the "Doogie Howser" boy comment! LOL!
ReplyDeleteVery good. I have to check out a Roth - I say that every year but this year I really will. Glad that bub's education will be taken care of and I think that it's only proof of the wonderful parents you will make that you are thinking about this now.
ReplyDelete