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College saving ideas
Posted on 2/24/12 at 2:36 pm
Posted on 2/24/12 at 2:36 pm
Did a search and couldn't find any topics so...
How did you save for college(for your children)
I don't like 529 plans due to the lack of control. ESAs only let you put in 2k a year total contribution. Is there another clever way aside from am IRA?
How did you save for college(for your children)
I don't like 529 plans due to the lack of control. ESAs only let you put in 2k a year total contribution. Is there another clever way aside from am IRA?
2
Posted on 2/24/12 at 2:40 pm to BoobYo
How much can you put in a 529?
Posted on 2/24/12 at 2:49 pm to wegotdatwood
13k per parent I believe. And the child can have multiple accounts. But you are handing over money to a particular state and betting on them to manage it well. Once I found this out I didn't do much more research on 529s.
Posted on 2/24/12 at 2:55 pm to BoobYo
Just make sure your kid is smart enough to get a full ride...problem solved.
Posted on 2/24/12 at 3:49 pm to BoobYo
quote:
But you are handing over money to a particular state and betting on them to manage it well.
This is incorrect in most cases. The state that a program is associated with is essentially meaningless, except that if you happen to be a resident of that state, you get some tax benefits.
In a 529 fund, at least the good ones (Iowa and Nevada, for example), the state does not manage anything. The mutual fund company, in this case, Vanguard, runs the funds, and you can be selective in which funds you choose.
This post was edited on 2/24/12 at 3:51 pm
Posted on 2/24/12 at 3:51 pm to Sigma
I've heard Iowa has the best public schools in the country.
Posted on 2/24/12 at 6:27 pm to BoobYo
I went with one of the two 529 plans offered by my state. Locked in today's rates for 10 years down the line. The plan is guaranteed by the state as well (unlike some states).
Where else are you going to get 8% for your money for the next 10 years?
Where else are you going to get 8% for your money for the next 10 years?
Posted on 2/25/12 at 9:59 am to shutterspeed
quote:
Where else are you going to get 8% for your money for the next 10 years?
True. Not a bad number. Just jumped the gun a little on 529s I guess. Will look more into them.
Posted on 2/25/12 at 10:22 am to BoobYo
quote:
True. Not a bad number. Just jumped the gun a little on 529s I guess. Will look more into them.
Just to be clear, I went with a guaranteed plan. There was also a market plan offered by the state. I felt more comfortable going with the guaranteed plan. Even if my son doesn't goto school in state, the state will pay the going state university tuition rate at any other school.
Look into what your state offers.
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