Here's an email I recently received from a reader:
My husband and I have been saving for our future children in a 529 for a while. Currently we have about 6K in an account. We are both 30. We take home about 4K a month combined, I am a teacher and he works for the government, and have managed to save about 95K in retirement accounts, 28K in savings, and 30K in investments over our 6-8 working years. We do have our own home. Up until about 6 months ago we were flying high...then the floor dropped out.
My question however comes that currently we are facing fertility issues and have spent about 7K out of savings for these with the prospect of possibility having about 25K more in expenses to possibly have a child. At this point, we are unsure what to do. We have dreamed of having a family, but at what cost? Do we drain our savings to possibly have a child? Do we spend that 20K in adoption costs?
I know these are very personal issues, however both of us are very financially conscious and are willing to spend what it takes. We want a family however where do we stop saving so that we can take on this financial burden? I was hoping to have quite a bit saved so I could stop teaching for a while when we have children....I know the opinions of others can be harsh, so I would appreciate any one think twice before they post something that could be hurtful as we already going though more pain than I can bear. But would love to get other opinions as we work through this process.
Any advice for her?