<prompt> Human: My spouse and I are not fully contributing to our retirement, but working toward getting there. However, I would like to open a 529 plan for our recent first-born solely for contributions from family members as gifts. Is that wise?  <response>: Youre right not to open a 529 based on your own desire to fund it. While admirable when people want to do that, the priority should be making sure you wont be a burden in retirement to your child instead of paying for their college.However, your situation is different since I dont think your alternative option here is redirecting gifts from relatives to your IRA. So yes, I think opening a 529 in this scenario is better than just keeping it in a taxable account for your child. 