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bows00
Posted
Posted

In the United States, they have a 529 plan where you can save for your kids college expenses and the compounding interest is tax free. Older dads are usually more financially secure and are capable of making bigger contributions than younger dads.

Do they have an equivalent college savings plan in the Philippines?

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davewe
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Posted (edited)

 

At least you get to double your SS if you're retired and have a kid.

Not if your from the UK

 

 

Not in the US either :)

 

I think what we're referring to is that a minor child does get social security when a parent retires. The check is approx. 1/2 of the retirees check, so it is a significant amount, though not doubled.

Edited by davewe
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davewe
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This question is sort of a subset of the constant "age gap" relationship question.

 

I am in an interesting situation in that I was already an "old parent" - twice - and went through the very same questions, doubts, and perhaps judgments from others. That is I had 2 kids in my 40s. I remember taking my infant son around the corner to the local Korean-owned convenience store and the owner, who I knew well, took one look at my child and asked, "Grandson?" "Hell no, he's not my grandson," I yelled. 4 years later I had the same experience with my daughter. "Granddaughter?" the man asked. "No. She's not my granddaughter," I yelled laughing.

 

A friend of mine recently reminded me (as if I am too old to do the math) that if I have a child with my wife, I might not live to see his/her 21st birthday. I replied cheerfully, "I might not live to see my current kids hit 21."

 

But all this aside, I am 62, my wife wants a child and I am OK with it. Actually, truth be told, she wants two. I expect it to be a somewhat different experience from before. For one thing my wife will stay home with the child, something few American women can or want to do. For another, I will be retiring in a couple of years and we will raise the child in the Philippines where the family support system (which does not exist for me in the US) will be in full force, with all the good (and perhaps some bad) that that entails.

 

As to taking care of the child in the future, I think that I am far better prepared now than I was even in my 40s. And let's face it, most young parents haven't a clue how it will happen. They work it out as they go along. But let me tell a story to demonstrate how difficult the future is to predict, no matter what your age and place in life.

 

When I had those 2 kids in my 40s my mother in law (who has some money). Committed to sending them to college. it was a great benefit to us and she reiterated that commitment many times over the years. When I divorced (still with young children) I worried about that commitment but my ex assured me many times it was still good and not to worry. Like most divorced dads it took years to pick myself up financially, let alone be prepared to re-marry and retire. So many of my peers can never afford to retire.

 

Grandmother eventually set up a trust fund with a substantial amount of cash for both kids college. My son entered college last fall and grandma paid the first semester. I thought it was odd that she only would pay for one semester. Then I found out why. My 92 year old former MIL decided not to pay another cent for either child's college.

 

The ex-wife was in a panic and all apologetic to me. Her response to the crisis? Sue me for a bunch more child support lol

 

In the end grandma agree to contribute a little more, the ex (who it turns out had extracted hundreds of thousands of dollars from her elderly mother already) agree to kick in a bunch, son and daughter agreed to take out student loans, and I agreed to kick in some as well.

 

So you see - even alive and well and still working and earning - there are no guarantees in life. If janet and I have kids, I have a different plan for college - and it doesn't involve depending on my Filipina mother in law.

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stevewool
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Good luck to all of us what ever we decide,

Could i ask another question on this subject too,

You have decided to have the child, and many have said about the social security/pension you may get if you are of age, would that be a problem  trying to bring your child up whether you are in the States, England or in the Phils,

In my eyes and this is just me thinking this, if we was to have a child the best place to bring him or her up would be England, just my thoughts, no offense to other countries

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chico2663
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well if we have child; my parents divorced and my brothers were raised by mother. At the time she was making 150 thousands(80's) so my brothers were spoiled. I was very good at my job and took my mother on trips to hawaii,mexico,new york, baltimore and florida(4x).She

wanted to take nephew to disneyworld so took her nephew and lil cousin that just graduated high school for week staying at waldorf astoria.

Two years after fact had stroke; so we are gonna stay with the house I will inherit. The goal is to buy house in davao for when I die that if she ever wants to go home it is there.I get  ssdi so hopefully wont be a problem.As far as family in the states,we are hispanic and close so I am sure that shouldn't be a problem. Her family lives in trento so she can go there but my butt will be in davao!

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Thomas
Posted
Posted

In the United States, they have a 529 plan where you can save for your kids college expenses and the compounding interest is tax free. Older dads are usually more financially secure and are capable of making bigger contributions than younger dads.

Do they have an equivalent college savings plan in the Philippines?

Yes, kind of. I don't remember if it's SSS (=retirement) or PhillHealth it's possible to borrow from to studies for your kids, if you are member there.

 

Good luck to all of us what ever we decide,

Could i ask another question on this subject too,

You have decided to have the child, and many have said about the social security/pension you may get if you are of age, would that be a problem  trying to bring your child up whether you are in the States, England or in the Phils,

In my eyes and this is just me thinking this, if we was to have a child the best place to bring him or her up would be England, just my thoughts, no offense to other countries

Why do you believe it would be better in England, 20 years from now??

1. The education is SOME better, but public schools in our home countries have got terrible results too with a big part of the students FINNISHING the schools WITHOUT basic knowledge even in first language and mathematics.

2. The Economy in our home countries are geting WORSE, while it IMPROVE in SE Asia...

3. The unemployment in our home countries are BIG, HUGE among young people.

It's bad in Phils too, BUT there it's possible to solve an unemployment by starting an own business with a SMALL start capital. The messure of what's "enough" income is much different there too   :)

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Larry45
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Hopefully, I don't offend anyone, but having kids at an advanced age DOES seem a bit selfish to me.  Chances are the child will lose their father during their adolescent or teen years, and that's typically very traumatic, from what I've seen.  A lot of guys want a hot, young, childless wife.....and they have to know that young wife will want children, as nearly all Filipinas do.  Many of these girls will say they don't want kids, to get past that 'sticking point' in the marriage talks, but they almost always do want kids, or will in the near future.  But on a positive note, having kids when retired allows one to spend more time with them and be more involved in their upbringing, which is hopefully something the older fathers take advantage of.  

 

As for me, I had my first (and only) child at 42, am done having babies, and take precautions to prevent it.  There's a whole lot of pressure to try for a boy as I'm the only son of an only son, and the in-laws (like most Filipinos) want a grandson, very badly.  But I just feel like I'm getting too old and would like to enjoy my golden years once daughter is grown.  So I guess I'm being a little selfish, too   :lol:    

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stevewool
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Posted

Hopefully, I don't offend anyone, but having kids at an advanced age DOES seem a bit selfish to me.  Chances are the child will lose their father during their adolescent or teen years, and that's typically very traumatic, from what I've seen.  A lot of guys want a hot, young, childless wife.....and they have to know that young wife will want children, as nearly all Filipinas do.  Many of these girls will say they don't want kids, to get past that 'sticking point' in the marriage talks, but they almost always do want kids, or will in the near future.  But on a positive note, having kids when retired allows one to spend more time with them and be more involved in their upbringing, which is hopefully something the older fathers take advantage of.  

 

As for me, I had my first (and only) child at 42, am done having babies, and take precautions to prevent it.  There's a whole lot of pressure to try for a boy as I'm the only son of an only son, and the in-laws (like most Filipinos) want a grandson, very badly.  But I just feel like I'm getting too old and would like to enjoy my golden years once daughter is grown.  So I guess I'm being a little selfish, too   :lol:    

I dont think you are being selfish at all, you are being true to yourself

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stevewool
Posted
Posted

 

In the United States, they have a 529 plan where you can save for your kids college expenses and the compounding interest is tax free. Older dads are usually more financially secure and are capable of making bigger contributions than younger dads.

Do they have an equivalent college savings plan in the Philippines?

Yes, kind of. I don't remember if it's SSS (=retirement) or PhillHealth it's possible to borrow from to studies for your kids, if you are member there.

 

Good luck to all of us what ever we decide,

Could i ask another question on this subject too,

You have decided to have the child, and many have said about the social security/pension you may get if you are of age, would that be a problem  trying to bring your child up whether you are in the States, England or in the Phils,

In my eyes and this is just me thinking this, if we was to have a child the best place to bring him or her up would be England, just my thoughts, no offense to other countries

Why do you believe it would be better in England, 20 years from now??

1. The education is SOME better, but public schools in our home countries have got terrible results too with a big part of the students FINNISHING the schools WITHOUT basic knowledge even in first language and mathematics.

2. The Economy in our home countries are geting WORSE, while it IMPROVE in SE Asia...

3. The unemployment in our home countries are BIG, HUGE among young people.

It's bad in Phils too, BUT there it's possible to solve an unemployment by starting an own business with a SMALL start capital. The messure of what's "enough" income is much different there too   :)

 

20 years time most will not be here, and where ever you call home all you can do is your best for yourself and your family

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Larry45
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Posted

 

I dont think you are being selfish at all, you are being true to yourself

 

 Thanks,  I try.  Unfortunately  "being true to yourself" isn't really an acceptable practice here for foreigners.  I think you can even get deported for that.  :lol:

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