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I never see any mention of Coverdale Education Savings accounts here...
Posted by Zilla on 11/7/13 at 12:26 pm00
pretty powerful vehicle...anybody here use them or interested in discussing their merits ?
This post was edited on 11/7 at 4:26 pm
re: I never see any mention of Coverdale Education Savings accounts here...Posted by Chris4x4gill2 on 11/7/13 at 2:27 pm to Broke
I think they are great since you can pick your investments, but the 2k/year contribution limits are on the low side.
re: I never see any mention of Coverdale Education Savings accounts here...Posted by Janky on 11/7/13 at 3:15 pm to Chris4x4gill2
The real advantage in my opinon is the ability to use the funds for high school.
re: I never see any mention of Coverdale Education Savings accounts here...Posted by Zilla on 11/7/13 at 4:22 pm to Chris4x4gill2
quote:
I think they are great since you can pick your investments, but the 2k/year contribution limits are on the low side.
2000/year @ 8% for 15 years is roughly 60k (no taxes) per kid...wouldn't that really help out a lot of you private school paying folks ?
Don't use it for high school and you could have over 80 grand towards college expenses...As long as the account was opened with the parents as owners it won't affect financial aid either.
This post was edited on 11/7 at 4:25 pm
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re: I never see any mention of Coverdale Education Savings accounts here...Posted by makersmark1 on 11/9/13 at 6:43 am to Zilla
I have them with TD Ameritrade.
Only downside is the limits on contribution are fairly low.
529 plans are a little better, IMO.
We have both a coverdell and a 529 for both kids.
Only downside is the limits on contribution are fairly low.
529 plans are a little better, IMO.
We have both a coverdell and a 529 for both kids.
This post was edited on 11/9 at 6:44 am
re: I never see any mention of Coverdale Education Savings accounts here...Posted by fatboydave on 11/9/13 at 10:43 am to Zach
Have a coverdell and La Start saving acct for kids. Good points on each vehicle. Tax deduction and enhancement with Start but more investment choices with the coverdell.
re: I never see any mention of Coverdale Education Savings accounts here...Posted by Sdento1 on 11/9/13 at 11:25 am to fatboydave
You can use Roth IRAs for your kids and take out the contributions penalty free for your kid- if they don't go to college you can use it as a hybrid for a retirement fund for them or you.
If you stick to a dedicated savings plan just use a college savings 529 plan- you can contribute more than 2k per year...just my thoughts--geaux tigers!
If you stick to a dedicated savings plan just use a college savings 529 plan- you can contribute more than 2k per year...just my thoughts--geaux tigers!
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