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re: 529 and College Savings Plan Compare Workbook
Posted on 3/5/24 at 5:16 pm to messyjesse
Posted on 3/5/24 at 5:16 pm to messyjesse
Reviving this thread. First off, your comparison workbook was amazing
I also live in Texas and thus did a comprehensive search to see which state offered the best plan according to underlying investment options, limited total expenses, and ease of opening, contributing, and withdrawing.
I narrowed it down to 2 direct-enrollment plans - NY or UT. NY seems to have the lowest total fees and solid investment options through Vanguard, so I'm currently leaning there.
When you mentioned you chose AK, I also started reviewing that as an option. If you don't mind me asking, what was the key variable(s) that made you lean to that plan instead of NY?
I also live in Texas and thus did a comprehensive search to see which state offered the best plan according to underlying investment options, limited total expenses, and ease of opening, contributing, and withdrawing.
I narrowed it down to 2 direct-enrollment plans - NY or UT. NY seems to have the lowest total fees and solid investment options through Vanguard, so I'm currently leaning there.
When you mentioned you chose AK, I also started reviewing that as an option. If you don't mind me asking, what was the key variable(s) that made you lean to that plan instead of NY?
This post was edited on 3/5/24 at 5:17 pm
Posted on 3/5/24 at 6:43 pm to skewbs
Thanks for the bump, this is good info
Posted on 3/5/24 at 11:44 pm to skewbs
It was REALLY splitting hairs at that point. Low fees, positive growth, ease of both setup and guest contribution were my primary motivators. My final four were AK, OH, NY, and UT.
What might've been the deciding factor was timing, honestly. AK pitched a $250 bonus to each of the first 1,000 new enrollees in a given calendar year. At the time I was applying (late January '23) I thought I might qualify for it. It wasn't a huge boon but just enough to get me to pull the trigger on 'em.
(Side note: I was not convinced that I had qualified for the enrollment bonus after a few months. As it turned out, a few weeks ago I woke up with an extra $700 in the account. $250 apiece for EACH account I had opened (since I opened one for each child), and another $100 apiece for having contributed every month since opening the account. The fine print says you won't find out if you qualified until one year after opening the account, but hell, I'll take it.)
I had a unique circumstance though. This late into the year there's no sure thing that you would qualify for that like I had. OH, NY, and UT would all be fantastic choices during the other 11 months of the year, and if I were doing it in March I probably would've gone in a different direction.
Thanks for the feedback. Happy hunting.
What might've been the deciding factor was timing, honestly. AK pitched a $250 bonus to each of the first 1,000 new enrollees in a given calendar year. At the time I was applying (late January '23) I thought I might qualify for it. It wasn't a huge boon but just enough to get me to pull the trigger on 'em.
(Side note: I was not convinced that I had qualified for the enrollment bonus after a few months. As it turned out, a few weeks ago I woke up with an extra $700 in the account. $250 apiece for EACH account I had opened (since I opened one for each child), and another $100 apiece for having contributed every month since opening the account. The fine print says you won't find out if you qualified until one year after opening the account, but hell, I'll take it.)
I had a unique circumstance though. This late into the year there's no sure thing that you would qualify for that like I had. OH, NY, and UT would all be fantastic choices during the other 11 months of the year, and if I were doing it in March I probably would've gone in a different direction.
Thanks for the feedback. Happy hunting.
This post was edited on 3/5/24 at 11:50 pm
Posted on 3/6/24 at 12:38 pm to skewbs
quote:
I also live in Texas and thus did a comprehensive search to see which state offered the best plan according to underlying investment options, limited total expenses, and ease of opening, contributing, and withdrawing
I just moved to Texas and would love to hear your thoughts on the Texas Tuition Promise fund.
Seems like a great deal. Anything I'm missing?
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