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Is 529 best option for building college savings??
Posted on 8/5/13 at 8:08 am
Posted on 8/5/13 at 8:08 am
Wife and I are wanting to start something, but would like to be able to have a little more flexibility and would like some good growth. Considering just opening a 529 and putting $40K in it to start. Daughter is only 6 months old.
Any other options yall can think of??
Any other options yall can think of??
5
Posted on 8/5/13 at 8:26 am to Kingwood Tiger
529 plan isn't flexible. Money must be used for Education and if not incurs a penalty.
If you opened a custodian account with someone like Fidelity you can use it for anything
The big difference is really your children. The 529 plan has some tax benefits but main thing is your Child can never touch it. Must go through you. With custodian account when the child turns 18. Hope that they don't go rogue and buy a Vet instead of education
If you opened a custodian account with someone like Fidelity you can use it for anything
The big difference is really your children. The 529 plan has some tax benefits but main thing is your Child can never touch it. Must go through you. With custodian account when the child turns 18. Hope that they don't go rogue and buy a Vet instead of education
Posted on 8/5/13 at 8:32 am to Kingwood Tiger
im trying to find a cheap rental house and put it on a 15 year note and have it paid off by the time my daughter is ready for school. Then sell it and pay for her college with that. if she doesn't go to college then i still have a rental house.
Posted on 8/5/13 at 8:34 am to Kingwood Tiger
Holy smokes. 40k to start, I wish I had your job.
Posted on 8/5/13 at 12:36 pm to Kingwood Tiger
Yes you can move to another child or even yourself if the money is being used for education. Anything other than education and penalties are delt. If the word flexible is in the first sentence. Then my opinion is 529 isn't so flexible.
The Utah 529 plan is the best. Doesn't matter what state you use
The Utah 529 plan is the best. Doesn't matter what state you use
Posted on 8/5/13 at 4:25 pm to Kingwood Tiger
Utah has lowest fees
Although La residents can deducte more money from taxes but that just state taxes.
Although La residents can deducte more money from taxes but that just state taxes.
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