As soon as Baby G was born, my husband and I decided that we needed to be the most prepared grandparents in the history of grandparents. Nana and Pops would win the game of responsible grandparenting and set our little peanut up for future success.

This responsibility worked itself out in a few very specific ways for us. We:

  1. Own the same stroller and car seat as G’s parents so that transport is never an issue;
  2. Stock diapers, wipes, and clothes so no “packing of the bag” is required to visit; and
  3. Opened our own 529 plan as soon as her parents had her Social Security number.

Now that G is the big 3, I can report that numbers 1 & 2 kept things easier for our family and removed stress from exhausted new-parent and eager-grandparent brains. Never having to worry about grabbing the car seat base or forgetting pj’s make hosting our now Big Girl a simple and smooth process.

Simple and smooth is also how I would describe opening our own 529 plan with our granddaughter as the beneficiary. We knew we wanted to select the investments and retain control of the funds, so we opened our own account very early. This has worked great for us, allowing a long-time horizon for her investments to grow. We anticipate a solid financial start, early conversations about education and career choices, and the satisfaction that she’ll have less student loan debt.

Most importantly, we’re modeling investing behavior across generations. While the trips to Disney are fun, we know that planning for her future with a 529 account is truly the ultimate grandparent flex.

About the Author:

Marissa Rowe is executive director of the Indiana Education Savings Authority, which administers the Indiana529 savings program with more than $8.4 billion in assets under management in three plans. A proud first-generation college student, Marissa received her B.A. in Mass Communication from the University of North Carolina at Asheville and her M.A. in Philanthropic Studies from the Indiana University Lilly Family School of Philanthropy. She paid off her student loans in 2020 and has 529 plans for her nieces and granddaughter.