4.6 • 1.8K Ratings
🗓️ 14 September 2020
⏱️ 12 minutes
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0:00.0 | Welcome to the Jill on Money Podcast. It is Monday, September 14th and what's going on this week? |
0:11.3 | Well, we got a Fed meeting this week, so that'll be interesting with some economic projections |
0:15.9 | I always like to see what J Powell and company have to say |
0:19.5 | So we'll give you the update on that later in the week. |
0:22.9 | For now, if you've got a financial question, we'd love to hear from you. |
0:26.3 | Our email address, Ask Jill at Jill on Money.com. |
0:30.8 | This is from John, who says, I love the the show my wife and I are 32 years old. We have a son who is 2. |
0:38.0 | We make $150,000 per year in combined salary and we anticipate having more children. |
0:44.7 | My mother is 65 in good health and is retired. I am her only child and will be her |
0:50.4 | sole heir. She is $400,000 in cash in the bank, another $400,000 in retirement accounts |
0:57.9 | that she hasn't tapped yet. She collects $25,000 a year from my late father's pension, |
1:03.7 | which pretty much covers her annual living expenses. |
1:06.7 | Hmm, that's pretty good. |
1:08.4 | Her house is paid off. |
1:09.4 | She wants to start a 529 plan for my child or future children. |
1:13.7 | My concern is that given how evolving the education world is, |
1:18.3 | my kids might not want or need to go to college in 15 or 20 years as alternate career paths are likely to develop. |
1:26.3 | I love this. This is great. I think a better idea would be for her to open a Roth IRA. She's never had one and contribute the max of $7,000 per year. |
1:36.2 | Invest in low-cost index funds and in 15 to 20 years she could use that to help pay for my kids |
1:41.2 | college and if my kids don't go to college the |
1:43.6 | account would have more flexibility than just going the 529 route. The problem |
1:49.0 | with the plan, only problem that we have is she's retired and she needs earned income to make that contribution to the Roth IRA. |
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