David Foster talks 'precious' time with toddler son: 'I won't be around when he's 50 or 40 even, or 30'

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Fox News Flash top entertainment headlines January 17

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David Foster is starting the parenting thing all over again in his seventies.

"At this point in my life, it's different again," the music producer explains to People. "Not better or worse, just different. I still work, I'm still gone a lot, but maybe the time is a little more precious to me because I got more runway behind me than I have ahead of me now."

Foster is on his fifth marriage with Katharine McPhee. The couple share a son, Rennie, who turns 2 next month. The 16-time Grammy Award-winner also has five daughters from his previous relationships.

"I've loved every single day," he shared of being a father. "It's the standard thing of like, 'Oh, well you were so young when you had your children and you were working day and night, you never saw them.' And there is some truth to that, sadly, for my [older] kids. I was just working a lot. Even though I'm working a lot now, I'll cancel anything just to hang with him. It's just different."

David Foster shares almost 2-year-old son Rennie with Katharine McPhee Foster. (Getty Images for Children's Diabetes Foundation)

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"I had all daughters until my son and I love all my daughters immeasurably, but having a son is a little bit different," Foster admitted.

Foster became a father at 20, giving up his daughter Allison, now 52, for adoption. The two have since reconnected. He also has Amy, 49, Sara, 41, Erin, 40, and Jordan, 36.

"I was not patient when I was young," he says of his early days. "I was arrogant and just on the move."

David Foster is 35 years older than his wife Katharine McPhee Foster. (Paul Archuleta)

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Given the age gap with not only his wife Katharine, 38, but also his young son, Foster has gotten real with himself about what parenting will look like this time around.

"I think that I can offer one thing to Rennie even though I won't be around when he's 50 or 40 even, or 30 maybe," he revealed. "I think I can offer him wisdom from my 72 years on the planet. And maybe that's not a bad trade-off. I hope so."

David Foster poses with his wife Katharine and three of his five daughters, Erin, Amy and Jordan. (Jemal Countess/WireImage)

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Despite those who doubted his marriage as well as his ability to be a father, Foster, now 73, says it's incredibly rewarding being a parent to a young child again.

"It's just great being a dad. It's too cliché to say 'Now I have more time,' but I do: I have more time."