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Started By
Message
Safe way to invest 20k
Posted on 5/3/23 at 10:39 am
Posted on 5/3/23 at 10:39 am
For child's education
2
Posted on 5/3/23 at 10:48 am to H newman
529 plan, broad market index fund
You in Louisiana? They match a portion of the contribution depending on income level
You in Louisiana? They match a portion of the contribution depending on income level
Posted on 5/3/23 at 11:16 am to TigerTatorTots
quote:
They match a portion of the contribution depending on income level
How much? and what is the income level?
Posted on 5/3/23 at 12:05 pm to TigerTatorTots
quote:
You in Louisiana? They match a portion of the contribution depending on income level
I can't imagine them matching the level that has 20k to throw down at one time
Posted on 5/3/23 at 12:07 pm to H newman
Me personally, I would consider the best performing asset over the last 10 years or at least some small exposure.
Posted on 5/3/23 at 1:00 pm to RATeamWannabe
quote:
can't imagine them matching the level that has 20k to throw down at one time
The lowest match is 2%. That's for AGI over $100,000.
Posted on 5/3/23 at 1:03 pm to I Love Bama
quote:
Me personally, I would consider the best performing asset over the last 10 years or at least some small exposure
How do you invest in bullets in a 529?
Posted on 5/3/23 at 2:22 pm to el Gaucho
I chose a Roth over 529. Kids are young, not sure they'll go to college.
This post was edited on 5/3/23 at 3:25 pm
Posted on 5/3/23 at 2:22 pm to RATeamWannabe
quote:It is a sliding scale but they match any income level I believe. Bottom rate is 2% match
I can't imagine them matching the level that has 20k to throw down at one time
Posted on 5/3/23 at 2:25 pm to jpainter6174
quote:
if they go out of state a Louisiana 529 may not help from my understanding.
What are your options in that case
Posted on 5/3/23 at 2:26 pm to TigerTatorTots
quote:
Reported AGI Rate---Earnings Enhancement
$0 to $29,999---14%
$30,000 to $44,999---12%
$45,000 to $59,999---9%
$60,000 to $74,999---6%
$75,000 to $99,999---4%
$100,000 and above---2%
LINK
Posted on 5/3/23 at 2:34 pm to RATeamWannabe
quote:quote:
if they go out of state a Louisiana 529 may not help from my understanding.
What are your options in that case
Pretty sure you can do a rollover (once a year) to the State that they choose; but I do not have 529s for my kids so not 100% on that rule.
If you want to avoid the 529 another option would be a UTMA. Some Pros, you can use it for anything related to that child (we fund it monthly and pay for their annual elementary tuition). Also, any gains are taxed at their income level. Major con, once they turn 18 they can do whatever they want with those funds.
Posted on 5/3/23 at 3:05 pm to jpainter6174
quote:
if they go out of state a Louisiana 529 may not help from my understanding.
That's not true.
Posted on 5/3/23 at 3:24 pm to TigerGrl73
quote:
That's not true.
You are correct.
Posted on 5/3/23 at 3:40 pm to jpainter6174
quote:Your Roth or theirs? If theirs, they have to have legit earned income. New rule allows unused 529 balance up to $35k to be rolled over to Roth IRA anyway. It could be used to fund first few years of Roth once they start careers.
I chose a Roth over 529. Kids are young, not sure they'll go to college.
This post was edited on 5/3/23 at 7:43 pm
Posted on 5/3/23 at 3:43 pm to jpainter6174
quote:Well you understood wrong. Why do some people jump to spread misinformation on topics theyre uninformed about when folks ask for advice. If you dont know, dont share your guesses please.
if they go out of state a Louisiana 529 may not help from my understanding.
Posted on 5/3/23 at 3:54 pm to jpainter6174
quote:
I chose a Roth over 529. Kids are young, not sure they'll go to college.
A Roth for yourself? I think the OP is talking about what they should invest in for their children, not their own retirement.
Posted on 5/3/23 at 11:49 pm to go ta hell ole miss
Put it all in NLST.
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