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Posted on 8/26/22 at 7:22 pm to couyon2
(no message)
This post was edited on 9/11/22 at 8:03 pm
Posted on 8/27/22 at 12:46 am to bod312
quote:This is the most absurd thing I have ever seen
Reported AGI Rate_____________Earnings Enhancement
$0 to $29,999________________14%
$30,000 to $44,999______________12%
$45,000 to $59,999______________9%
$60,000 to $74,999______________6%
$75,000 to $99,999______________4%
$100,000 and above_____________2%
Posted on 8/27/22 at 1:22 am to couyon2
In for later
Posted on 8/27/22 at 7:29 am to couyon2
I did the same. 100 per month into both kids account for 18 years. Both ended up with around 50k. Not enough for LSU BR for 4 years if you live on campus. But my kids found smaller state schools where the scholarships cover most expenses. They will both have cash left over. Make sure you open both accounts with the same owner because you can move funds between beneficiaries. This helps if one child gets more scholarships or one chooses a less expensive school than the other.
Posted on 8/27/22 at 8:14 am to couyon2
I just picked a Vanguard total stock index fund. I also used Coverdell education accounts with Vanguard itself and some other funds.
Posted on 8/28/22 at 12:16 am to couyon2
(no message)
This post was edited on 8/15/23 at 11:50 pm
Posted on 8/28/22 at 8:56 pm to couyon2
Is there a way to start an account for a child that hasn’t been born yet? My wife is pregnant, and would like to start a 529 as soon as possible.
Posted on 8/28/22 at 9:20 pm to LSUTiger23
quote:
Is there a way to start an account for a child that hasn’t been born yet? My wife is pregnant, and would like to start a 529 as soon as possible.
Unfortunately not. You need the child's SSN to open the account.
Our first will be born next week, and I've got all my ducks in a row to open the Vanguard account when we get home from the hospital.
Posted on 8/28/22 at 9:48 pm to thegreatboudini
Yes open a 529 with yourself as the beneficiary and then when the baby is born switch it to the baby. I just did this
Posted on 8/29/22 at 5:35 am to jsk020
Ah, yea, you're right. I recall reading this many months back.
Posted on 8/29/22 at 8:50 am to thegreatboudini
quote:
Unfortunately not. You need the child's SSN to open the account.
Our first will be born next week, and I've got all my ducks in a row to open the Vanguard account when we get home from the hospital.
Another question... My mother in law is retired. Is it possible for her to open the accounts and receive the better match from the state? As it stands she could collect a significantly better match than my wife and I.
Posted on 8/29/22 at 8:56 am to Pelican fan99
One other thing to keep in mind on the earnings enhancement (EE), is that they are separate funds than your contributions. They stay separate and don't get invested in the investment of your choosing. I was confused originally when I noticed they were separate and didn't fluctuate with the total market like my contributions so I emailed them.
They said that the EE funds are invested by the State Treasurer. They will always be separate and in 2020 they earned 1.97%. I assume they grow at a similar rate to gov treasury bonds.
They said that the EE funds are invested by the State Treasurer. They will always be separate and in 2020 they earned 1.97%. I assume they grow at a similar rate to gov treasury bonds.
Posted on 10/9/22 at 3:32 am to bod312
Question for Louisiana residents. Are you using vanguard or LA START Saving Program?
Posted on 10/9/22 at 7:05 am to austin2015
Start. The start program has vanguard funds to choose from.
Posted on 10/10/22 at 10:14 pm to couyon2
yes. do it. if tops is around even better
Posted on 10/12/22 at 11:13 am to MrJimBeam
In theory, I like the age-based funds, the idea being set it and forget it. That's appealing because one already has to worry about managing retirement, etc., and having something on auto-pilot is appealing. The one drawback is that the age ranges are very wide, and therefore the allocation change is substantial, and triggered by a birthdate. Let's take a scenario in which a child had their sixth or 11th birthday toward the end of 2008. On their birthday, the model would shift to then next one, and I think the equity allocations diminish in 20% increments. Normally, you might be the type to never sell during a huge decline, but that's what happens. Conversely, you might be pleasantly surprised to learn that your child's triggering birthday happened near the end of 2007, and you managed to sell some near the top.
Posted on 10/12/22 at 6:27 pm to TrouserTrout
quote:
I have one for my son. The way I understand $2400 a year is tax deductible and the state matches 14%.
Yeah, if you’re working at McDonald’s - which you likely wouldn’t have any extra cash.
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