Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Hi I'm new. Ed. IRA
Old 01-08-2009, 04:54 PM   #1
Recycles dryer sheets
Olbidness's Avatar
Join Date: Jan 2009
Location: W. Galveston Bay
Posts: 134
Hi I'm new. Ed. IRA

Hi all, I'm 47 and a single dad with an 11 year old son. I've got 600k in an IRA (was 700K know) and 25k in cash for emergency funds. I'll also have 2 small pensions at retirement. So all in all I think I'm on the right track except for not having saved anything for my son to go to college.

I know college is years away but my son is somewhat hard headed (so was my dad....must skip a generation.) so I'm not sure what would happen to the money in an Education IRA if I could'nt make him go to college.

Would I be better off just boosting my standard IRA and pay for his college out of that instead funding an Ed. IRA?.

Olbidness is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 01-08-2009, 06:52 PM   #2
Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 1,183
You can do that and control what & when he gets it. That makes more sense to me than having a child fritter away the funds. If you are still chasing the work thing you may be able to pay as you go also.
crazy connie is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Just opened a Roth IRA :) Opinion on two target date funds in an IRA? Effect FIRE and Money 3 05-12-2008 08:05 AM
Can I max out my Roth IRA, Trad. IRA, and SIMPLE IRA? thefed FIRE and Money 9 09-24-2007 04:52 PM
?? for uber-savers, non-deductible IRA to Roth IRA in 2010 LOL! FIRE and Money 8 12-21-2006 12:25 AM
Help! SEP IRA was transferred into a Traditional IRA...bad? soupcxan FIRE and Money 5 12-19-2006 11:19 AM
Contributing to Roth IRA and Traditional IRA mrinvest Young Dreamers 18 11-22-2006 10:45 AM


All times are GMT -6. The time now is 06:32 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.