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529 milestones for Junior
Posted on 5/1/26 at 5:58 pm
Posted on 5/1/26 at 5:58 pm
We all assume that Junior is going to be a genius, with a bright future, and get into an extremely prestigious college. Likely so prestigious that there are little to no scholarships available. I assume most on this board also want Junior to graduate undergraduate debt free, to set him up for financial success.
With that said, what is your goal for the balance in Juniors 529 plan when he is in first grade? It seems like if you hit a solid goal for first grade, compounding will take over for the next 11 years.
Besides that, have you set any other milestones for Juniors 529? If so, what are they?
With that said, what is your goal for the balance in Juniors 529 plan when he is in first grade? It seems like if you hit a solid goal for first grade, compounding will take over for the next 11 years.
Besides that, have you set any other milestones for Juniors 529? If so, what are they?
6
Posted on 5/1/26 at 6:47 pm to jafari rastaman
I’m not paying for my kids to go to an expensive college. Plenty of quality state schools with good educations if choosing the right degree. And scholarships are much easier to come by
Posted on 5/1/26 at 6:51 pm to jafari rastaman
I used some online calculator from Schwab. $100k in 1st grade gets me to where it says I should be for my kid to go to an out of state public school.
Tough balance between saving enough and not saving too much.
Tough balance between saving enough and not saving too much.
Posted on 5/1/26 at 7:39 pm to Finnish
They have a bunch of good calculators online. My personal plan with 3 kids is to 529 enough for 1 private college and 2 in state public school (Texas). If more than one goes private we will figure it out then but that’s around my retirement age so I may work an extra year if needed. Anything left over can go to grad school or Roth.
This post was edited on 5/1/26 at 7:42 pm
Posted on 5/1/26 at 7:48 pm to jafari rastaman
Ours was to fund 529 at 90% of projected 4-year state university full cost (tuition, room, board, etc) for "junior's" college years, including college cost inflation, of course.
How it turned out:
"Junior 1" - carried with her 30 credit hours from high school and nice chunk of TOPS. Finished LSU in 3 years. The plan worked "ish", as we then took her remaining 529 balance and shifted to "Junior 2".Junior 2 now plays college football. So, not fully needed.
I share to say that under-funding was our plan as optionality (if instead overfunded) was important. This was before could roll into Roth IRAs. Underfunding worked for us "ish". Aim lower than you think but have another fund that you can lean on if you need it for college. If not, then not. Again, optionality for the final bits.
You are already winning most of the war by the post and action to start funding early! Well done.
In summary, have an outcome goal at Junior's college time and work the PV back to answer your question. Factor in risk on both sides of the target (if there is a Junior 2).
Good luck!
How it turned out:
"Junior 1" - carried with her 30 credit hours from high school and nice chunk of TOPS. Finished LSU in 3 years. The plan worked "ish", as we then took her remaining 529 balance and shifted to "Junior 2".Junior 2 now plays college football. So, not fully needed.
I share to say that under-funding was our plan as optionality (if instead overfunded) was important. This was before could roll into Roth IRAs. Underfunding worked for us "ish". Aim lower than you think but have another fund that you can lean on if you need it for college. If not, then not. Again, optionality for the final bits.
You are already winning most of the war by the post and action to start funding early! Well done.
In summary, have an outcome goal at Junior's college time and work the PV back to answer your question. Factor in risk on both sides of the target (if there is a Junior 2).
Good luck!
This post was edited on 5/1/26 at 8:00 pm
Posted on 5/1/26 at 9:08 pm to Everyday Is Saturday
I'm capping 529s at $50K per kid, and I've already stopped contributing to the 10 year old (youngest) who sits above $30K. Not interested in locking up funds that might not be used for 1 singular purpose.
Posted on 5/1/26 at 9:58 pm to jafari rastaman
quote:I just got junior fitted for his second set of irons
milestones for Junior
He turns 6 this fall. His drive already has a textbook finish. Completely balanced over his lead leg. He’s got effortless speed and great hand eye coordination genetically.
Posted on 5/1/26 at 9:59 pm to jafari rastaman
I do up to the state tax deduction, so in LA 4800 per kid per year - adds up fast. Already at ~35k per kid at ages 6-7
Plus I put $100 each per month in K12 because I started there not knowing how to really do the 529 thing
If there's a shortfall later, I'll cash flow the rest
Even though I can roll the K12 into the 529 for college, I'll use it for each kid's senior year of high school so it seems "free"
Plus I put $100 each per month in K12 because I started there not knowing how to really do the 529 thing
If there's a shortfall later, I'll cash flow the rest
Even though I can roll the K12 into the 529 for college, I'll use it for each kid's senior year of high school so it seems "free"
Posted on 5/1/26 at 10:13 pm to jafari rastaman
I asked my FA if I have enough in my accounts.
He said he has one client that has a goal of $750K for education savings and are about halfway there. Both parents are surgeons and the kid is smart as hell. They want to send him to Duke/UNC or some other medical prestige school. Supposedly that is the cost of college/med school of that caliber.
Wow.
I have suddenly become more worried about not having enough in a K12 account than a 529. I have about $35K in two kids K12 accounts who will be in HS in 3-4 years. I am paying cash for tuition but in case life changes tomorrow I need at least $100K to keep them in private school until they graduate.
For the 529, you can heavily fund the first kid and lightly fund the 2nd and 3rd kid, then if there is any money left after the 1st graduates, you can send it down to the 2nd kid and so on.
I'm on a good track with the 1st two kids, with each of them having over $150K in the 529. Still I am worried with the rising cost of education. My grad school's education, for example, has more than doubled since I was there.
I am assuming to send your kid to undergrad/grad/law/medical school, you need at least $300K if you don't want them to have loans.
Yes there is the likelihood of scholarships, but I believe that when its granted to my kid. Otherwise it feels like a reliance on the government, and I know how that could end up.
He said he has one client that has a goal of $750K for education savings and are about halfway there. Both parents are surgeons and the kid is smart as hell. They want to send him to Duke/UNC or some other medical prestige school. Supposedly that is the cost of college/med school of that caliber.
Wow.
I have suddenly become more worried about not having enough in a K12 account than a 529. I have about $35K in two kids K12 accounts who will be in HS in 3-4 years. I am paying cash for tuition but in case life changes tomorrow I need at least $100K to keep them in private school until they graduate.
For the 529, you can heavily fund the first kid and lightly fund the 2nd and 3rd kid, then if there is any money left after the 1st graduates, you can send it down to the 2nd kid and so on.
I'm on a good track with the 1st two kids, with each of them having over $150K in the 529. Still I am worried with the rising cost of education. My grad school's education, for example, has more than doubled since I was there.
I am assuming to send your kid to undergrad/grad/law/medical school, you need at least $300K if you don't want them to have loans.
Yes there is the likelihood of scholarships, but I believe that when its granted to my kid. Otherwise it feels like a reliance on the government, and I know how that could end up.
Posted on 5/2/26 at 3:28 am to Mariner
It all depends on what school
You want to send junior. Out of state lsu is in the $40s while duke, Syracuse, etc are already bumping at $100k a year. I agree with the idea of underfunding a bit but only if you have a general fund behind it true it up.
You want to send junior. Out of state lsu is in the $40s while duke, Syracuse, etc are already bumping at $100k a year. I agree with the idea of underfunding a bit but only if you have a general fund behind it true it up.
Posted on 5/2/26 at 6:56 am to MSTiger33
https://www.schwab.com/saving-for-college/college-savings-calculator
Not sure why I got a solid 100% downvote ratio. I’m the only one that answered OP’s question with actual numbers rather than what my own strategy is.
And actually, my numbers were wrong. $100k in 1st grade (2026) with $300/mo contributions projects $255k when they graduate which would cover 100% of an IN STATE PUBLIC SCHOOL.
For an out of state public school, it projects cost of $369k. So to stick with $300/mo, you’d need $158k in first grade or $100k with $889/mo contributions till graduation.
You can play with the college inflation rates and market return rate assumptions in the tool.
Not sure why I got a solid 100% downvote ratio. I’m the only one that answered OP’s question with actual numbers rather than what my own strategy is.
And actually, my numbers were wrong. $100k in 1st grade (2026) with $300/mo contributions projects $255k when they graduate which would cover 100% of an IN STATE PUBLIC SCHOOL.
For an out of state public school, it projects cost of $369k. So to stick with $300/mo, you’d need $158k in first grade or $100k with $889/mo contributions till graduation.
You can play with the college inflation rates and market return rate assumptions in the tool.
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