I'm opening a 529 for both of my daughters today | TigerDroppings.com
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LSUSUPERSTAR
LSU Fan
TX
Member since Jan 2005
10679 posts

I'm opening a 529 for both of my daughters today

I'm going with one from New York for the 2 yr old and Ohio for the 14 yr old. Researched and these look the best for my situation. Am I crazy?


jmtigers
Southern Miss Fan
1826.71 miles from USC
Member since Sep 2003
3773 posts

re: I'm opening a 529 for both of my daughters today
Do you have a Roth IRA for you and your spouse? I would fully fund those first. The flexibility of a Roth outweighs the advantages of a college savings plan, IMO.
This post was edited on 1/3 at 10:21 am


Sigma
Michigan State Fan
Fairhope, AL
Member since Dec 2005
2405 posts

re: I'm opening a 529 for both of my daughters today
Why did you choose those plans?


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BigErn
LSU Fan
Member since Mar 2007
2436 posts

re: I'm opening a 529 for both of my daughters today
quote:

out ways


Have never called anyone out, but I really like this


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Cdawg
Mississippi St. Fan
TigerFred's Living Room
Member since Sep 2003
41735 posts

re: I'm opening a 529 for both of my daughters today
Why one from NY and one from Ohio?


LSUAlum2001
LSU Fan
Tier BP
Member since Aug 2003
31405 posts

re: I'm opening a 529 for both of my daughters today
quote:

Why one from NY and one from Ohio?


You can open one in any state and go to any college in any other state.

I guess one is better for short term since his oldest daughter will be in college in 4 years.
This post was edited on 1/3 at 10:32 am


Cdawg
Mississippi St. Fan
TigerFred's Living Room
Member since Sep 2003
41735 posts

re: I'm opening a 529 for both of my daughters today
I was going to guess that but I was just thinking about having it in one account.


Catman88
LSU Fan
Baton Rouge, LA
Member since Dec 2004
41376 posts

re: I'm opening a 529 for both of my daughters today
Just compared NY to LA and really dont see any advantage that I can make out there. But I do see some disadvantages such as losing out on some state tax savings and a match of some funds.


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LSUSUPERSTAR
LSU Fan
TX
Member since Jan 2005
10679 posts

re: I'm opening a 529 for both of my daughters today
We chose 529 over Roth due to tax savings on gains made which go toward qualified education costs. Plus family members can contribute to them much easier. My in-laws are going to do an auto contribute.

quote:

I guess one is better for short term since his oldest daughter will be in college in 4 years.


Exactly. We researched using Morningstar (and other sources)and decided on NY and OH.

quote:

Just compared NY to LA and really dont see any advantage that I can make out there.


Since we live in TX, there are no tax benefits by choosing the TX or LA ones.

For the 2 yr old, NY made sense due to performance (which I know can't predict the future) and low fees. For the 14 yr old, OH made sense due to a high performing Bond fund (again that doesn't mean it will do great in the future). For both, we chose the static options which are akin to how a 401k works.
This post was edited on 1/3 at 11:28 am


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ragacamps
LSU Fan
Member since Jan 2011
2585 posts

re: I'm opening a 529 for both of my daughters today
I went with Utah for my daughter. I will be rolling into the Louisiana program sometime this year.


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