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re: What would be the best account to open to save for your kid(s)?
Posted on 1/23/23 at 8:00 pm to TheJunction
Posted on 1/23/23 at 8:00 pm to TheJunction
Sounds like a solid plan. We may eventually add another account of some sort in our name to grow over the years for future expenses of his that aren’t 529 eligible.
We’re going to stick with just the 529 for now and the monthly auto-contributions we set from our checking account. We haven't yet looked at how another account and its contributions would factor into our budget and if/how much the 529 contributions would need to be adjusted.
We’re going to stick with just the 529 for now and the monthly auto-contributions we set from our checking account. We haven't yet looked at how another account and its contributions would factor into our budget and if/how much the 529 contributions would need to be adjusted.
1
Posted on 1/23/23 at 9:02 pm to ColoradoAg03
529 is so tax efficient on the growth when you start early. I’m not worried about penalties if for some off reason dollars need to be used for non education expenses at a later date.
I started one with a slug initial investment and then do contributions twice a month. I chose an age based investment just for ease. The cost difference between me managing the portfolio and age based was immaterial.
The ones that popped up in my research were NY, Utah, and Vanguard for low fees with good investment options.
I started one with a slug initial investment and then do contributions twice a month. I chose an age based investment just for ease. The cost difference between me managing the portfolio and age based was immaterial.
The ones that popped up in my research were NY, Utah, and Vanguard for low fees with good investment options.
This post was edited on 1/23/23 at 9:04 pm
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