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Started By
Message
I'm opening a 529 for both of my daughters today
Posted on 1/3/13 at 10:00 am
Posted on 1/3/13 at 10:00 am
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?
3
Posted on 1/3/13 at 10:11 am to LSUSUPERSTAR
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 1/3/13 at 10:21 am
Posted on 1/3/13 at 10:13 am to LSUSUPERSTAR
Why did you choose those plans?
Posted on 1/3/13 at 10:14 am to jmtigers
quote:
out ways
Have never called anyone out, but I really like this
Posted on 1/3/13 at 10:22 am to LSUSUPERSTAR
Why one from NY and one from Ohio?
Posted on 1/3/13 at 10:31 am to Cdawg
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 1/3/13 at 10:32 am
Posted on 1/3/13 at 10:52 am to LSUAlum2001
I was going to guess that but I was just thinking about having it in one account.
Posted on 1/3/13 at 10:59 am to Cdawg
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.
Posted on 1/3/13 at 11:27 am to jmtigers
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.
Exactly. We researched using Morningstar (and other sources)and decided on NY and OH.
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.
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 1/3/13 at 11:28 am
Posted on 1/6/13 at 10:15 pm to jmtigers
I went with Utah for my daughter. I will be rolling into the Louisiana program sometime this year.
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