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529 College Savings Plans....Few Questions
Posted on 11/20/12 at 4:49 pm
Posted on 11/20/12 at 4:49 pm
I have been researching 529 plans and wonder if anyone has recently opened one or can shed any light on the subject. Reviewing morning star's 2012 ratings and information on different state's plans has led be to believe that Louisiana is one of the poorest performing choices. I'm leaning toward the Utah 529 plan because of the low fees and my reluctance to go with the Start program at home. I'm currently living in Minnesota but will be moving back next summer. The Minnesota plan seems God awful and nails you with fees.
Any suggestions??
Any suggestions??
Posted on 11/20/12 at 10:09 pm to ragacamps
You can buy plans in other states. Most states allow plan transfers...go figure. My suggestion is, buy the plan, the whole plan. Buy the plan outright. You can't beat their projected return, then again, they might do a GM on you... your money is my unions money now.....money. Think some Pink Floyd, 94 concert.
Posted on 11/21/12 at 9:57 am to ragacamps
LA Start is one of the best if not the best in the nation. You get a state tax deduction and a match. Vanguard funds. Search for past threads about it. It's superior and if you or your kids are residents, then you should choose LA Starts.
College Choice direct would be my distant second choice for 529.
College Choice direct would be my distant second choice for 529.
Posted on 11/21/12 at 12:15 pm to ragacamps
quote:
that Louisiana is one of the poorest performing choices
Not really...
LINK
Ten-year performance ranking
Rank State Plan Percentile
1 Alaska T. Rowe Price College Savings Plan 17.66
2 Alaska University of Alaska College Savings Plan 25.43
3 Maryland College Savings Plans of Maryland -- College Investment Plan 32.56
4 Louisiana START Saving Program 35.04
5 Virginia Virginia Education Savings Trust (VEST) 39.87
6 Iowa College Savings Iowa 43.63
7 South Carolina Future Scholar 529 College Savings Plan (Direct-sold) 55.83
8 Rhode Island CollegeBoundfund (Direct-sold, Alternative RI) 58.52
9 Delaware Delaware College Investment Plan 71.47
10 New Hampshire UNIQUE College Investing Plan 73.28
If you are a La resident, START is your best choice, imo.
Posted on 11/21/12 at 2:17 pm to poule deau
quote:
If you are a La resident, START is your best choice, imo.
+1
Posted on 11/21/12 at 3:34 pm to fatboydave
I should have been more specific. I'm not a Louisiana resident but will be within a year. I'm going with the Utah plan for now but may roll over into the Louisiana 529 in the future.
Posted on 11/23/12 at 7:44 am to ragacamps
I have a 529 plan I opened with fidelity about a year ago. Can I move that to an LA Start plan?
Posted on 11/23/12 at 7:56 am to ragacamps
I am not familiar with the roll over issue. But to the OP - Louisiana is great for Louisiana citizens. They match a % according to income. You get state income tax deduction. And, over time, the ability to chose different investment vehicles has evolved. It use to be very limited. It's still limited, but there are more options now than 5 years ago when I started my sons.
Posted on 11/23/12 at 3:26 pm to ragacamps
You can roll any states plan over into another states plan once per year without penalty
Posted on 11/23/12 at 3:26 pm to ragacamps
You can roll any states plan over into another states plan once per year without penalty
Posted on 11/23/12 at 3:27 pm to ragacamps
You can roll any states plan over into another states plan once per year without penalty
Posted on 11/24/12 at 2:35 am to ragacamps
I opened a Mississippi 529 plan. We had the option of a traditional 529 or a guaranteed option. We went with the guaranteed option because it locked in tuition rates at today's prices (and with the way tuition is increasingly yearly, that seemed like the best investment).
Whatever plan you go with, I would make sure it's guaranteed by the state. Funny enough, MS has temporarily suspended its program to conduct an actuary audit.
Whatever plan you go with, I would make sure it's guaranteed by the state. Funny enough, MS has temporarily suspended its program to conduct an actuary audit.
Posted on 11/24/12 at 8:13 am to shutterspeed
quote:
We went with the guaranteed option because it locked in tuition rates at today's prices (and with the way tuition is increasingly yearly, that seemed like the best investment).
Damn, I wish Louisiana had something like that.
Posted on 11/24/12 at 8:26 am to rmc
Are you also locked into a certain college with that option?
Posted on 11/24/12 at 11:46 am to Tigerholic
quote:
The triple post, wow.
Not sure what happen there
Posted on 1/3/13 at 8:55 am to ragacamps
I'm currently not a Louisiana resident but do plan to send my children to LSU. My parents, however, are residents. Does anyone know if I can just have them set up a 529 plan for my child and just contribute that way?
(Most likely I'll have them contribute directly and I just reimburse them. Not sure if that is legal either...)
(Most likely I'll have them contribute directly and I just reimburse them. Not sure if that is legal either...)
Posted on 1/3/13 at 10:18 am to Htown Tiger
How much should 1 contribute to pay for tuition in 18 yrs? The calculator says $~500. I think that is a bit too much.
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