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<blockquote data-quote="DaytonIllini" data-source="post: 908076"><p>Keep in mind you cannot have an IRA in your kid's name. It would have to be in your name or your wife's name. While he might be able to withdraw it for college, he could not for any other reason (just like the 529). Ultimately that would be your money, not his, and you could not withdraw it before you're a geezer without a penalty.</p><p></p><p>Personally I think everyone should save for their retirement before saving for their kid's education, so an IRA isn't a bad idea from that standpoint. That's especially true if it's tax deductible. If your wife has a pension, that may not be feasible but she can still have a traditional IRA (non-deductible). I think an IRA is for a completely different purpose than a 529 though.</p></blockquote><p></p>
[QUOTE="DaytonIllini, post: 908076"] Keep in mind you cannot have an IRA in your kid's name. It would have to be in your name or your wife's name. While he might be able to withdraw it for college, he could not for any other reason (just like the 529). Ultimately that would be your money, not his, and you could not withdraw it before you're a geezer without a penalty. Personally I think everyone should save for their retirement before saving for their kid's education, so an IRA isn't a bad idea from that standpoint. That's especially true if it's tax deductible. If your wife has a pension, that may not be feasible but she can still have a traditional IRA (non-deductible). I think an IRA is for a completely different purpose than a 529 though. [/QUOTE]
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