A little bit of background. Hubs and I are nearing 40. I emigrated on my own from E Europe in my late teens and over years managed to fund self through two colleges, get green card and eventually citizenship. My parents are "pillow stuffers," and I learned from them to save, but not invest. I managed to get through college by working, credit cards, and scholarships. I wasn't eligible for federal money. Paid off cards, traveled some, sending money home every once in a while. I met my husband a few years ago. He did a lot of crazy stuff, like take money out of 401k to buy a new car, traded cars every few years, withdrew all money from his Roth, bought all the greatest and latest, etc. I am happy to say that his kind of behavior has been curbed, and he's on board with me about saving, not getting newest stuff, not touching his 401k etc. He's not the greatest source of financial advice and I'm scared to invest and reading fine print gives me headaches. So, here I am. We may be late to become rich but we can help our kiddo.
Soooo.....
We have a special needs 3 yo kid who's autistic, but not "special enough" for medicaid, and we're not poor enough for SSI. We're making a few thousand under 6 figures in an expensive city in NW. Our necks are barely over water. Both hubs and I have matched 401 (k)s, emergency savings, probably about 1.5mo worth, and we pay off our one CC in full monthly (for airline points because I visit family in E Europe every 1-2y, now with kiddo). We own our place, got it for just under 200K. We considered opening a Roth IRA, but with all the bills for our kid's therapies, we're hurting. Luckily all of the therapies are on a no-interest payment plan, but they net close to $400/mo, that's with med. insurance. We just started these in March. Luckily, hub's car should be paid off in March.
So here's the question. We want to put down some $ for our kid. I don't know if he'll go to college or vo-tech or anything at all. I have no idea what will his disability look like in 15 years. We can't put away much right now, maybe $50/mo, but we may be able to afford to put away $100/mo in March. I am not sure if a 529 is a best option or a Roth? What's the best option for us to grow some $ for our kiddo? I'd like something that he can either take over if he overcomes his disability, OR something that we can keep under our control depending on what happens... hopefully that can be the same investment vehicle. Someone mentioned whole life insurance but there are so many options! Fine print! Eek!
I appreciate any help. Be bold. I don't get offended easily. We need serious help and are afraid of getting scammed by a life insurance agent. Please help.
