Grandkids and college funds?
Posted by pearltx@reddit | GenX | View on Reddit | 66 comments
What are yall doing for grandkids and college funds - especially if you’re in a blended family and the # of grandkids doubles! We are looking at a potential 7+ grandkids eventually.
Reader47b@reddit
If my kids have kids, I will open a 529 for their kids and roll over whatever is left in their 529s for their kids. When I die, I will leave money to the grandkids if I have any left to leave.
ImaSource@reddit
Absolutely nothing, cause neither is my kids want to have kids.
dearestnomad@reddit
I’m just now considering this. My son just told me he is having his first child, he is 32. I immediately thought of setting up a college fund for the baby, but the problem is, his girlfriend has four other children! I want to take care of my grandchild but I feel a little bad about the other four. Their fathers aren’t really in the picture so my son is taking on the daddy role to them as well, but I’m not a super rich person that can afford five college funds. Things happen, but since he told me about this baby I’ve been thinking how can he get himself into this situation? I’m still trying to decide what to do, I have a little time because the baby is due this fall. I’ve had people tell me to just set up money for the grandchild but I just don’t know.
fakeprofilepic@reddit
We paid for both kids full college tuition (private school) plus all living expenses to the time of 500k for both. We set them up for success. They can pay for their own kids.
prisongranny@reddit
Wait...when did it become expected of grandparents to fund grandkids? I helped my own as much as i could.
or is this just your flex?
TheNolaCatLady@reddit
Smells like a flex to me.
denvergardener@reddit
My grandparents didn't do shit for their grandchildren. So many of my friends and acquaintances bought houses because "my grandparents left me ____" inheritance. And 20-30 years later they're sitting on a ton of equity.
I got fuck all from my grandparents even though they had the means. They left it all to our parents, and mine "retired" in their 40s and spent all the money so that there was nothing left when they died. My mom died last year and we're lucky that her estate will at least cover the cost of the funeral and she didn't have much debt so we're breaking even. I might have enough left over the go out for a nice meal.
QueenScorp@reddit
Same here. My dad's side was broke so that was never an option. My mom was one of six kids and they just passed everything down to them. It seems kind of weird to me for a grandparent to leave it inheritance for grandkids but maybe that's just cuz I grew up working class.
TheNolaCatLady@reddit
I received nothing from my grandparents and didn't expect anything. That was their money to spend on themselves and they did just that. My mother is deceased and had nothing left when she passed. When my father dies, I'm not expecting anything. I hope he spends his money on himself before he dies because he worked hard for it. I've never really understood people expecting money from family members when they die. I don't want their money to be with me. I want them to be with me.
moneyman74@reddit
No grandkids yet but don't think I would be responsible for their college fund.....parents responsibility. Not that I may not contribute during the actual time they are in college should I still be alive.
ShoddyHedgehog@reddit
I don't think anybody expects it to be the grandparents responsibility. But if I had the money I would definitely set something aside for them. Putting $5,,000 in a 529 when they are born is going to go a lot farther then giving them $5,000 when they are actually college age. If you think you might contribute one day - it just makes more sense to contribute when they are younger and let it grow tax free.
johnbr@reddit
You can donate about $19k to a grandchild, tax free. I will do that once my kids get the official documents. That will compound over 17 years and hopefully take care of reasonable college expenses
Colibri918@reddit
Before I retired I had $10 from every check deposited into my oldest grandson's account. So he got $240/yr for 7 years. I tried to do the same for my other grandkids and their parents said no.
Sufficient_Stop8381@reddit
No grandkids, thank god. But I’m not paying for their college if that becomes a reality. Trades are much better now anyway.
LayerNo3634@reddit
I paid for my kids' college. Scrimped, saved, and sacrificed for 18 years so they graduated debt free. Now it's their turn. I can't afford to pay for the grandkids.
Bahlore@reddit
My daughter (who's currently 27) would have to have any interest at all in boys/girls/anything with a heartbeat in order to that to happen and as of right now I dont see it.
limited_instincts@reddit
My kids are in college right now, calm down 😄
Head_Trick_9932@reddit
Mine are in HS lol. One graduates in a week and one has 4 years left.
Head_Trick_9932@reddit
I’m an older Gen X parent. Have one graduating this year and one with 4 years left of HS. We’ll retire 3 years after the youngest graduates. I’m not even sure we’ll be around for grandkids college graduation but my husband and I have made smart investments and financial decisions so hopefully they’ll be ok. That’s if their parents (my children) handle their finances/inheritance well.
drunkenknitter@reddit
Probably nothing. We have an only child who isn't sure if she even wants kids. We're paying for her college and that's enough.
Viperlite@reddit
I’m not sure I’ll ever have grandkids, but should they one day materialize, they can at least have any remainder from my kids’ college funds (if any remains). They’re still in school now, so time will tell.
Available-Bison-9222@reddit
Nothing. It didn't even dawn on me. It's not a thing here.
gumercindo1959@reddit
Sadly I don’t have that luxury. Was responsible for my graduate degree, my kids education and my retirement. Kids education only has so much money because I have to figure out my retirement first
Grand_Taste_8737@reddit
Grandkids? I have two kids in college right now. Lol
Guardsred70@reddit
The grandkids are my kids’ problem.
I’m just trying to visit tropical places before I die. And buy lots of red mid engine cars.
The grandkids need to mow lawns for money.
MissMurderpants@reddit
No kids. Niblings are grown and helped out when younger. Great niblings have small interest accounts we set up and they will get the money 18. We put a small amount each holiday and birthday for them. Wont be much like a few thousand. But maybe enough to start off better than I did.
handsomeape95@reddit
Pro tip. Grandparent 529 plans don't count for FAFSA purposes. Something to consider if you're financially able to start one. Of course, you should never sacrifice your own retirement savings. You can ways ask your kids to give you money to seed the account, too. Throw that reverse card at them!
https://investor.vanguard.com/investor-resources-education/education-college-savings/529-grandparent-loophole
Demostecles@reddit
No children.
No grandchildren.
Nieces are a different story.
Illegitimate nieces and nephews are not known.
elxxup@reddit
Jeeziss, I'm still working on my original kids. And I don't have a ton to offer them, unfortunately!
ParticularDance496@reddit
Two in college and a 9yr old, quiet with that talk. Two priests and nun is what I’m raising.
Sometimesunaware@reddit
Saving money and stockpiling indulgences, a sound strategy.
ZweitenMal@reddit
My parents have 529 accounts that contributed towards my kids’ college. Between that, our state’s tuition waiver program, and out of pocket, my kids graduated debt free.
They’re too young to have children yet (25 and 22) so I haven’t planned for that. It will all be different in 25 years or so when their potential children reach college age.
eastbaypluviophile@reddit
I don’t have kids thankfully.
My husband has two and he already has something set aside for them. They’ll get nothing from me. My assets go to my brother and if he predeceases me, then to my nieces and nephew.
Sometimesunaware@reddit
Dogs aren't going to college.
ThisMomIsAMother@reddit
If my fur babies want to go to college, By God I will make it happen!
MadPiglet42@reddit
Pick one and announce your intention to fully fund their schooling IF they can survive.
The other kids can go after them Hunger Games style.
ThisMomIsAMother@reddit
May the odds be forever in your favor.
MaximumJones@reddit
This is THE most GenX answer.
Ummbnb@reddit
i have a two year old grandson from my oldest (she’s my step daughter from a previous marriage and I’m her only real parent). I started a 529 when he was born and put money in every birthday and XMas. he has plenty of stuff, this is more valuable.
my other two kids, 25 and 21, say they aren’t having kids, we’ll see. I’d prefer they not but it’s not up to me 🤣
Zesty-B230F@reddit
Nothing. They pay their own, just like I did.
StormyTeeku@reddit
$250 to start an UGMA. Then $25 a month deposited until they turn 18. $100 in UGMA on birthdays and Christmas.
Patient_Character730@reddit
My kids are 22 and 19, both are in university and living at home. My 22 year old graduates this month. There are no grandkids on the horizon, and frankly I'm skeptical that there ever will be. My eldest has never wanted kids and my youngest said maybe one. If grandkids do become a reality we'll see about setting some sort of college funds aside for them, as my grandmother did for me. Every birthday and Christmas she gave me a smaller item I wanted, and a savings bond for college.
CJK_Murph@reddit
My parents invested money in my girls’ names when they were born. At 21 my daughter claimed hers and it was decent. I hope to do the same should my girls have kids. I’ll probably use the same company.
AnneChovie264@reddit
We just finished paying off our house, 2 cars, and college tuition for both of our kids. It's time to accelerate the retirement savings.
favoritefinch@reddit
I have a chunk of cash for each kid, they'll tell me when they're ready for it. How they spend it is up to them.
Local-Handle-4801@reddit
Grandkids? Y’all have grands. Oh lord, no. I partied like it was 1999 before setting down with my wonderful bride! I’m hitting 61, (1984 grad) and our son is in college at 20, and daughter, 18, just started Jr college!
Prior_Wind_1526@reddit
I wish I had saved for them. I felt as if just getting two kids thru college in 90s tough. Now 4 grandbeings!
Tls-user@reddit
My son graduated college last week so I hope grandkids (if he chooses to have any) are many years away.
My grandparents contributed nothing to my education and died with negligible assets (under $20k).
We paid for our son’s entire education.
TheOtherElbieKay@reddit
My husband and I were in our late 30s and early 40s when our three kids were born. We will both be around 60 when the youngest graduates from high school.
I’ll worry about grandkids when they become a reality.
davekva@reddit
Grandkids??!! I'm trying to help my kids get through college, lol!
MaximumJones@reddit
All of our assets are in a trust for the grandkids. Our kids do not need it.
another_bibliophile@reddit
Hope to never have grandkids. Between climate change and the fall of democracy in the US, it’s a beyond terrible time to have kids.
GenX-ModTeam@reddit
{community_rule_7}
donutello2000@reddit
Someone has spent way too much time on social media.
I_love_Hobbes@reddit
No. I have to survive retirement.
Lolly1113@reddit
Our first is headed to college next year. If we have any savings left after that we can think about grandkids 😂
Lost-Zookeepergame61@reddit
No
Jolly_Werewolf_7356@reddit
It's the parents job not the grandparents.
Pretend-Excuse-8368@reddit
Apparently a well kept secret of the wealthy is that the grandparents pay.
AdministrativeCut727@reddit
My kids are almost 3 and 8 months. It'll be awhile 🤣
weelassie07@reddit
You can open 529s (and maybe ABLEs?) for them. Or get the account numbers from parents and donate directly to their already established 529s, etc. When I opened my kids’ 529s, they had little pre printed strips I could give to gift givers to put with their checks. I imagine grandparents can do it online as well.
Finding_Way_@reddit
My parents gave an amount to each kid to help them 'launch".
1 used it for college
2 with full ride scholatships used it for grad/professional school (one) and apartment deposit and furniture, professional clothes for first adult job (other)
1 lived at home and got a reliable used car to commute to campus and work
1 used it to NOT work for nany month while trying to get their career as an artist going
1 TBA
We have a pack of kids and it was helpful for each in different ways. Not a giganic amount, but great that they could get it at 18+ to get going.
To be clear, we (spouse and I) did not expect it and asked them to PLEASE be sure it didn't hinder anything they wsnted and needed in retirement.
eugenesnewdream@reddit
Oof. Well, our kids are only in 9th and 6th grades so we have to get them to and through college first before we think about grandkids, but we are extremely fortunate that their grandparents (my ILs) have very generous college funds for both our kids. So it would be nice if we could pay that forward eventually, but I don't see us thinking about that until such kids exist. My ILs didn't "save up" for our kids' funds but instead rerouted a couple of annuities they had coming to them, to 529s for the kids instead. Maybe we will be able to do something similar?
traveldalliance@reddit
I still have a teen at home; there's no thinking about grandkids at this stage. Please not for another decade at least!!!
90Carat@reddit
Create and fund 529 accounts as you can.
SunshineandBullshit@reddit
Don't have any, not likely to get them either.