I just invested 10k into the stock market for the first time. Aside from that I have my Roth TSP with work, a pretty immature whole life insurance policy/account (still not sure about this), and savings in an HYSA that I'm using to save for a house.
My son's dad and I are separated, and he started a 529 account for our kiddo in early 2023. He's contributed 12k and it's at about 25k. Our son is almost 14. I would trust my money with him if I were to add to the existing one, though truly my preference is to keep our finances separate. But I want to do what is best.
My question is, is it worth it for me to start a 529 for him right now as well - is that the best way to start saving for him on my end at this time? And how much would I need to contribute right away for it to have a chance of being somewhat successful by the time he would go to college given I'm starting so late (I know time is the true key, but here we are)?
I believe it's correct that if he finds an alternative way to pay for college or does not go to college in some form, if we let the money sit in the 529s for 15 years, our son could then roll it into his Roth IRA which would be pretty cool for him I think...
Please let me know your thoughts. Thank you.