My firstborn is scheduled to come to this world in early 2022 after a tough road to get pregnant. I'm looking for a few ideas to start things for her that I didn't have for myself. For example, I didn't know/learn anything about IRAs and 401ks until my early to mid 20s.
I have the below ideas but would love some feedback/critique as necessary.
1. Update wills prior to birth just to have it setup (or do I need to wait for her birth).
2. Start a Roth IRA upon her birth and manage it. Guessing I can add $1k to $2k a year minimum spread out over monthly deposits on top of what I can normally do. I'd rather her having something well started vs me starting at 25.
3. 529 plan/Coverdell ESA. Unless something happens with my folks at the end of their life, they want part of their life savings/inheritance setup for their future only grandchild. I know they can contribute while alive, so I figure I can work with someone on that.
4. A little brother.... I'll work with my wife on that one
Anything else you can think?
I have the below ideas but would love some feedback/critique as necessary.
1. Update wills prior to birth just to have it setup (or do I need to wait for her birth).
2. Start a Roth IRA upon her birth and manage it. Guessing I can add $1k to $2k a year minimum spread out over monthly deposits on top of what I can normally do. I'd rather her having something well started vs me starting at 25.
3. 529 plan/Coverdell ESA. Unless something happens with my folks at the end of their life, they want part of their life savings/inheritance setup for their future only grandchild. I know they can contribute while alive, so I figure I can work with someone on that.
4. A little brother.... I'll work with my wife on that one
Anything else you can think?