Totally not answering your question but rather an unsolicited piece of advice: If I were you, I would use a part of my savings to fund my offspring's college education.
I wouldn't do that. College is an expensive joke. Half of college grads will get a job that doesn't even require a college degree, but 100% of the ones without mommy and daddy paying for it, or hard-to-get scholarships, will graduate with massive debt and no real way to pay it off. By the time his kids are in college, a 4 year degree will be more than a house. **** that. I got a 4 year degree from a university. I have NEVER had a job that required a college degree. Even after college. But lo and behold, I bought a new car with cash AND paid off my house with a check LONG before my college-educated friends did who got college degree required jobs. Why? Because I got tired of the crap jobs I was getting with my 4 year degree, and went BACK to a 2 year tech college and got a degree in aviation maintenance. THAT'S when my career took off. I didn't stay working as a mechanic, but I did stay in transportation. I did keep my FAA license for my A&P and also my pilots license. Always work I can fall back on if needed. Everyone I went to school with that I know has car payments and a mortgage if they even own a home. I owned 3 cars and 2 motorcycles and two bass boats outright by the time I was 32, with one car and both motorcycles being new bought with cash, and paid off my 30 year mortgage 23 years early, SAVING over $125,000 in interest, at the age of 38. All of this having NEVER used my college degree. I have never, in my entire life, had a car payment. If I couldn't write a check to buy the vehicle outright, I didn't buy it at all. New or used. I won't even mention the boats I own outright, no boat payments, either. Nice Ranger with a 150.
In fact, my degree COST me jobs. I went to job interviews and in the middle of the interview the interviewer says, "You have way more education than what is needed for this job. I don't think you're a good fit." Now keep in mind, it was a decent paying job not far from my house, which is hard to find where I live out in the boonies. Nope, wouldn't give me a second look, because of my college degree. Now why they couldn't have made that decision BEFORE calling me in for an interview, I'll never know.
More than half of U.S. college graduates started out with jobs that don’t require a college degree. A blog post explores how underemployment affects careers and income.
www.stlouisfed.org
Go to a trade school or something. Very little or no debt and a very good job waiting for you at graduation. Employers GO TO tech colleges and sign agreements with students about job guarantees upon graduation. Some of these, especially in things like electrical, welding and HVAC, can be 6 figures out of trade school. 6 figures and no debt upon graduation, sounds like a winner to me. If you dare to be a truck driver, there are trucking companies (not any I would recommend but they do exist) that will PAY FOR YOU to go to CDL driving school, if you sign an agreement to work for them when you graduate. It's not the best way to get into truck driving, but it's an option. And one that won't cost you anything.