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Roth for my Wife or 529 for kid
Posted on 2/16/17 at 7:59 am
Posted on 2/16/17 at 7:59 am
Right now I max out company match of 401k, a Roth for me and also a traditional. Just had first kid and wondering if I should start putting some in a Roth for my wife or 529 for kid? The wife and I are pretty close to the phase out for Roth and climbing, so I dont think our match would be much with a 529.
3
Posted on 2/16/17 at 8:20 am to TigerSaint1
quote:
and I are pretty close to the phase out for Roth and climbing
Backdoor roth bro
Posted on 2/16/17 at 8:37 am to GeneralLee
Thats the plan on that end. But what about the Roth vs 529?
Posted on 2/16/17 at 9:08 am to TigerSaint1
quote:
Thats the plan on that end. But what about the Roth vs 529?
Don't have enough details on your background to opine further. The advantages of the 529 plan vary state by state. Here in Indiana we get 20% tax credit (up to $5K per year) plus no taxes on the withdrawals so it's a no brainer.
Posted on 2/16/17 at 9:41 am to GeneralLee
quote:Wow. I believe it's 10% in Louisiana, but they match anywhere from 2-14%
Here in Indiana we get 20% tax credit (up to $5K per year) plus no taxes on the withdrawals so it's a no brainer.
Posted on 2/16/17 at 11:54 am to ForeverLSU02
quote:
Roth for my Wife or 529 for kid by ForeverLSU02
Without knowing more specifics, I tend to lean towards fully funding your retirement before allocating money towards things like college savings. It's better for you and your kids in the long term if you have a healthy savings to live off of during retirement rather than your kids feeling obligated to take care of you and your wife in your elders years.
Posted on 2/16/17 at 5:06 pm to TigerSaint1
Retirement will happen.
Your kid's college education while important has more flexibility. He may get a scholarship. She may join the Navy and get GI bill. Your kid may invent facebook and dropout.
Save for retirement. Max it out. If you still have extra funds, get a 529.
Your kid's college education while important has more flexibility. He may get a scholarship. She may join the Navy and get GI bill. Your kid may invent facebook and dropout.
Save for retirement. Max it out. If you still have extra funds, get a 529.
Posted on 2/17/17 at 9:00 am to TigerSaint1
In all likelihood you will need to pay for college before retirement. Either way it's invested money for the future.
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