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re: Best Method to Save for Childrens College?
Posted on 4/29/24 at 8:06 am to rintintin
Posted on 4/29/24 at 8:06 am to rintintin
I do $250 for the oldest, $175 for the middle and youngest each in 529 plans.
Also have a rental property if they choose to go to Arkansas.
I doubt it will be enough to cover 100% but should be close due to having a rental property already.
The first is 7-8 years out.
Have 24k saved for the oldest, 13k for the others.
It'll more than I had set up for me which was $0 given by parents. Hopeful they can obtain some scholarships to assist as well. U of A isn't terrible on cost, about 10k per year today for tuition. Assume by that time it'll be about 20-25k a year.
Also have a rental property if they choose to go to Arkansas.
I doubt it will be enough to cover 100% but should be close due to having a rental property already.
The first is 7-8 years out.
Have 24k saved for the oldest, 13k for the others.
It'll more than I had set up for me which was $0 given by parents. Hopeful they can obtain some scholarships to assist as well. U of A isn't terrible on cost, about 10k per year today for tuition. Assume by that time it'll be about 20-25k a year.
This post was edited on 4/29/24 at 8:06 am
1
Posted on 4/29/24 at 1:01 pm to Billy Blanks
If you have a lot of money in a traditional or rollover IRA, you might also consider a Roth conversion or a series of Roth conversions. If your conversion has been in your Roth for five years, you can get the conversion amount tax free without penalty. That's one reason why it is often better to max out your retirement accounts before you try to save for college.
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