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Advice for Out of La College Savings...
Posted on 4/2/15 at 12:32 pm
Posted on 4/2/15 at 12:32 pm
I live in Tx and TOPS doesn't exist. My wife and I make enough not to qualify for pell grants ans such, but no where close to cutting $20,000+ checks for some college. What kind of savings options are best suited for college tuition. I have a 2 year old and another on the way and haven't socked away squat. TIA.
4
Posted on 4/2/15 at 12:47 pm to MTB
529 plan. The funds can be used for education only. If taken out for non- education then a penalty is assessed. It is like a Roth in that it grows tax free. If the 2 year old doesn't go to college then the funds can be transferred to another family member for education.
Posted on 4/3/15 at 10:24 am to MTB
quote:
no where close to cutting $20,000+ checks for some college.
quote:
I have a 2 year old and another on the way
By the time they attend, more likely $30,000+. 529 as previously suggested.
This post was edited on 4/3/15 at 10:25 am
Posted on 4/4/15 at 3:39 pm to MTB
What is your time horizon?
If you have 12 plus years I would recommend a 770 account to where your account grows tax deferred at 5% every year guaranteed and your college finding is not at risk in the market...you take your money out tax free -you can even use it as a hybrid account w/your retirement....
Just my thiughtsthat is what I'm doing...
If you are ok with losing money every seven years then go with a low cost 529 plan,but if you like more guarantees try the 770 account.
If you have 12 plus years I would recommend a 770 account to where your account grows tax deferred at 5% every year guaranteed and your college finding is not at risk in the market...you take your money out tax free -you can even use it as a hybrid account w/your retirement....
Just my thiughtsthat is what I'm doing...
If you are ok with losing money every seven years then go with a low cost 529 plan,but if you like more guarantees try the 770 account.
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