Alec Baldwin Says He and Wife Hilaria Don't Plan on Having Any More Kids After Baby No. 3

While Alec Baldwin says he and wife Hilaria are “very lucky” with their two young children (and baby no. 3 on the way), they don’t plan on having a fourth.

“We had our daughter and we said, ‘How could another one of these be wrong?’ Then we had our son, and we said, ‘How could another one of these be wrong?'” Baldwin, 58, told PEOPLE at Stand Up 2 Cancer’s Standing Saturday night event (sponsored by American Airlines and Merck) at Cipriani Wall Streetin New York City. “But now we’re thinking, if we had another one, it wouldn’t be wrong, but it would be very stressful. We’re very lucky, we’re very happy.”

And though both daughter Carmen and Rafael are under the age of 3, that hasn’t slowed them down one bit. “Our children are like squirrels in the yard,” Baldwin joked.

“I’m very excited, but I want my wife to have some time off,” he said of her third pregnancy. (Her response? “I told him we need to put a TV in our bedroom.”)

“We have 12 children at home with the sitter,” pregnant Hilaria said, adding, “Carmen put shoes on from my closet and was trying to come with us tonight,” she added.