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Help w/ College Education Fund
Posted on 6/26/17 at 6:32 am
Posted on 6/26/17 at 6:32 am
My son just turned 6 yo in May. If I am able to start contributing $100 a month towards his college education what would be the best thing to do with it?
Assuming this continues all the way through until the age of 18 how much could I expect this to build to?
Should I contribute more, can I get away with less?
Thank you.
Assuming this continues all the way through until the age of 18 how much could I expect this to build to?
Should I contribute more, can I get away with less?
Thank you.
2
Posted on 6/26/17 at 6:58 am to GeauxLSUBengalTigers
I've learned it's all based on your preference.
First, if you want to pay as much as you can, then have at it. $100 a month is better than nothing.
I know when I set mine up through Alabama they had a few choices such as aggressive based or more conservative. I plan to be very aggressive with the risk until my kid gets in the teens
First, if you want to pay as much as you can, then have at it. $100 a month is better than nothing.
I know when I set mine up through Alabama they had a few choices such as aggressive based or more conservative. I plan to be very aggressive with the risk until my kid gets in the teens
Posted on 6/26/17 at 5:02 pm to GeauxLSUBengalTigers
Are you in Louisiana? If so, check out the Start/529 savings program. Another option is a Coverdell, which can also be used for primary school or high school, though your income must be below a certain level.
As for contribution amount, I would go with an amount you can comfortably pay. I'd first make sure your retirement is covered. Loans are available for college, but not for retirement.
On a side note, once your son is old enough to be employed, even in a part-time job like mowing lawns, I'd establish a Roth IRA fund in his name. You can then match funds he earns and deposit them into the Roth account. Tax free growth starting as 12/13 would be a great advantage.
As for contribution amount, I would go with an amount you can comfortably pay. I'd first make sure your retirement is covered. Loans are available for college, but not for retirement.
On a side note, once your son is old enough to be employed, even in a part-time job like mowing lawns, I'd establish a Roth IRA fund in his name. You can then match funds he earns and deposit them into the Roth account. Tax free growth starting as 12/13 would be a great advantage.
Posted on 6/27/17 at 12:43 pm to BabyCakes
Yes, I'm in Louisiana. I'll check into it. Thank you.
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