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re: Those with children: how much are you saving per child for college?
Posted on 2/2/16 at 5:00 am to LSUAfro
Posted on 2/2/16 at 5:00 am to LSUAfro
None. Saving for retirement and such. We live a pretty modest life and will help with college where we can when the time comes but it will mostly be on them.
0
Posted on 2/2/16 at 10:31 am to okietiger
My grandchildren are 4 and 7. Their parents set up a college fund (with the state of La) when they were born. They let the relatives know that in lieu of birthday toys that we make a contribution every year to the fund. The parents handle the toys.
Right now they have 20K in the fund. The goal is 100K by the time they graduate HS.
Right now they have 20K in the fund. The goal is 100K by the time they graduate HS.
Posted on 2/2/16 at 10:35 am to Zach
quote:So question. Me and my siblings all received full scholarships so nothing was spent on our college. If that happens for your grandchildren, do Mom and Dad just buy a sweet arse beach house with the 100k and say thanks cousin Bill and Aunt sally for funding our vacation home
My grandchildren are 4 and 7. Their parents set up a college fund (with the state of La) when they were born. They let the relatives know that in lieu of birthday toys that we make a contribution every year to the fund. The parents handle the toys.
Right now they have 20K in the fund. The goal is 100K by the time they graduate HS.
This post was edited on 2/2/16 at 10:36 am
Posted on 2/2/16 at 12:08 pm to okietiger
College will be free by then. Save your money
Posted on 2/2/16 at 12:39 pm to lsupride87
quote:
If that happens for your grandchildren, do Mom and Dad just buy a sweet arse beach house with the 100k and say thanks cousin Bill and Aunt sally for funding our vacation home
My parents also contribute to college funds for their grand kids. They just write me a check and I invest it in a separate roth since we aren't maxing ours out. If they receive scholarships, I assume I'll give it back to their grandparent's and let them dish it out as they see fit. They'll probably just give it back to them in the form of a house downpayment or something. That would be great, so I wouldn't feel guilty about keeping the college fund I saved for them.
Posted on 2/2/16 at 12:45 pm to lsupride87
I'm the only one contributing to my kid's accounts so if they get scholarships they can have whatever they don't use upon graduation. If they don't go to college I'm going to upgrade my boat with it
Posted on 2/2/16 at 1:08 pm to yellowfin
quote:
I'm the only one contributing to my kid's accounts so if they get scholarships they can have whatever they don't use upon graduation
My parents did something similar. They offered to pay for tuition and books. Then if we received a scholarship for that, they paid housing.
Posted on 2/2/16 at 2:23 pm to Spirit of Dunson
What's the benefit of a 529 over a Roth IRA? I've read that one can withdraw from a Roth IRA penalty free if it's for education purposes. Just wondering because I'm also expecting.
Posted on 2/2/16 at 2:54 pm to Baers Foot
LINK /
Posted on 2/2/16 at 2:55 pm to Baers Foot
Having both a Roth and some kind of 529 plan ( I have a Coverdale plan) increases the amount you get to invest each year with tax free earnings. I max out both each year.
Posted on 2/3/16 at 7:27 am to okietiger
quote:
Those with children: how much are you saving per child for college?
Im not saving anything, its costing me a ton of money
Posted on 2/3/16 at 8:24 am to Baers Foot
quote:
What's the benefit of a 529 over a Roth IRA? I've read that one can withdraw from a Roth IRA penalty free if it's for education purposes. Just wondering because I'm also expecting.
I use my entire ROTH limit for my retirement so it's 529 and a regular brokerage account
Posted on 2/3/16 at 8:33 am to Baers Foot
quote:
What's the benefit of a 529 over a Roth IRA?
The benefit of using the roth for eductional expenses if you aren't maxing it out, is that your money is allowed to grow tax free and it's(principal) not subject to a penalty upon withdrawal if used for non-educational expenses.
If you have $100k in a 529 and Jimmy gets a scholarship, you're going to eat some of that in the form of a penalty. You can get creative to pull out some of that, but if he doesn't go to school at all...SOL.
If you have several kids, it obviously mitigates the risk of over funding a 529, but you don't want to throw all your eggs in to the 529 basket.
This post was edited on 2/3/16 at 9:03 am
Posted on 2/3/16 at 8:47 am to LSUAfro
Thanks for all of the info everyone.
Posted on 2/3/16 at 9:01 am to Baers Foot
So in a perfect world, the best two items to have are a 529 and a Roth IRA in each child's name? And attempt to max out contributions in each year?
I guess I need to find some work for my future baby
I guess I need to find some work for my future baby
This post was edited on 2/3/16 at 9:12 am
Posted on 2/3/16 at 11:42 am to TigerRob20
Yea, as of now I won't be able to give little foot much, but I'm going to do what I can.
Posted on 2/3/16 at 12:23 pm to okietiger
If you use an online calculator to find out how much to save, the result is pretty ridiculous and the rising costs of higher education are unsustainable. I'm only funding a little ($2k/ year for each) through 529 and my plan is to be financially able to retire when they become Seniors in High School, but work a few more years to fund college with income as needed depending on what they want to do. Life insurance covers it if I don't make it.
Posted on 2/3/16 at 1:04 pm to okietiger
I was fortunate to pay cash for my 2 boys undergraduate college education and they ended up with no debt. Any further education is on them.
Posted on 2/3/16 at 7:36 pm to okietiger
Surprised some of you are saving nothing. Nothing? Not even 100 bucks a month?
Posted on 2/3/16 at 7:37 pm to ShoeBang
Rent? What you doing having kids will being a renter?
Cant save a portion of that 1300-1600 for them?
Cant save a portion of that 1300-1600 for them?
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