+1000 YOLO.Your kids sound amazing. How lucky to have two in peak physical, mental, and emotional health and with the integrity to serve.Hi,
I have 2 children one is an Air Force pilot, and the other is still in the Naval Academy wanting to be a naval aviator. As junior military officer, the pay is very low, i.e. O-1 starts at $45,912. I'm in a fortunate position to help them financially although they are far from financially struggling.
I asked them to put as much as they could to Roth TSP. They are pretty financially responsible. I am thinking we could gift them appreciating stocks $36,000/year (MFJ) each child, and use the proceeds to fund Roth IRA and Roth TSP.
When they have kids, we would also fund our grandchildren's 529.
We are also looking into helping them to buy a house or downpayment when time comes but I haven't figure out how to do it. AD officers move base every 3 years and I don't think they want or have the ability or capacity to be a landlord.
While I respect, admire and support their choice, sometimes I feel it's my fault failing to convince them to get into high paying career as they have all the capabilities and resources needed to do so, therefore I really want to help but I don't want to flat out bankroll them.
What are other tax friendly ways that we could help them while we are still alive?
Career wise, they stated they don't want to fly for airliners after their military career/service commitment. Her serious boyfriend is also an AF pilot. I'd like to hear fellow bogleheaders who are former military pilots, aviators, if or how that would have any effect on financial plannings.
Thank you!
Your max TSP, 529, and down payments plans sound like the first order steps already. As for careers, their leadership and technical background plus an MBA would be the most lucrative.
Maybe more importantly, it seems with your financial generosity and their accomplishments and abilities, they are free of follow their passion in a way few of us could consider.
So maybe their main task is to figure out how they want to spend their work life regardless of salary considerations? (That can be a hard task).
Statistics: Posted by Parkinglotracer — Mon Mar 11, 2024 7:13 am — Replies 23 — Views 1552