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If I can only contribute $500/year into an EIRA, I don't see how I'll save enough for even the first year's tuition at an average state university. My son just turned one last week & we're looking to move the money we have for his college fund from our cash account into something a lot more "foolish". Isn't it true that I have to have something more than an EIRA?

I've been weighing the benefits of using a ROTH IRA, but am concerned because I think that vehicle should be for our retirement only. I'm leaning towards a UGMA "sheltering" some DRiP stocks (such as KO & JNJ). These support the principle of teaching investing, etc., etc. Plus, I can fund it with as much as each plan will allow, or I can afford. Or better yet, my son can fund them with as little as $10/month from his "paper route" (do they even have those anymore?).

Another thought I've recently had is paying my mother-in-law, who does not work, $2000/year for the time that she baby-sits for us & asking her to fund a Roth IRA, with my son as the beneficiary. But, then aren't I making the morbid assumption that she'll pass before he starts college? If she doesn't, she can't withdraw any of the funds for him without a penalty, right? And what tax benefit is there to me now from "paying" her.

Who knew that a simple thing like saving as much money as you can for your child would pose so many questions?
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