Nov. 11 — Nov. 15, 2024

Hugh and Melissa are a little more than 10 years from retirement, and they’re worried that they’ll get income planning wrong. Their current adviser has given them advice on how much they’re saving, how much they can save between now and retirement, how to diversify their savings and some Social Security strategies—but not a clear plan on how to turn their savings into income that will last through their lifetime.

My wife and I set up a 529 Plan for our son 10 years ago when he was in elementary school, as we always intended to help him with college. He’s been pulling his weight with his academics, earning scholarships. We’ve been planning on him taking out a student loan for the rest. Suddenly my wife’s father—who really hasn’t been part of our lives for several years—announced that he’s “superfunding” a 529 plan for our son. What problems will this create? I could easily see this 529 plan being taken away since my father-in-law can change the beneficiary at his discretion. I still want our son eligible for student loans.