How much is in your 529 and how old is your DC?
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Anonymous
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Wondering what other people are doing. We have only $4,000 in there and our child is nearly 5. We do have other savings account which we have around $12,000. Is it better to transfer all of it into the 529?
Thanks. |
Anonymous
| We signed up for one of the Virginia 529s, we also set up automatic withdrawal, so it feels less painful, and we always keep adding to it. Also, nice tax break! |
Anonymous
| Is the other $12,000 specifically for your kids' education? We are planning to pay for all of our kids' college expenses out of savings (I do not want to debate the merits of this plan, so just shush, you who want to start something), so we had more in each account by the time our kids were 5. BUT it's important to balance your various financial needs, and "saving for college" needs to come after "save for retirement," "maintain emergency fund," "maintain house," "have no credit card debt," etc. So if all your other needs are met and the $12K was going to go towards college anyway, yes, put it in the 529 plan. But those are two big ifs. |
Anonymous
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It's not that nice a tax break, pp. For me, the tax break cancels out the load (VA's College America is through American Funds, which charges a 575 basis point load -- ugh).
OP, we have 9 yo and 7 yo. There's $30k in the account for the 9 yo and $28k in it for the 7 yo. We save about $325 each (or $650 a month) is underfunding by about $300 per month. I plan to up the contribution in October once I max out 401k. You should save for retirement first and, if you are eligible, save in a Roth IRA before a 529 plan. |
Anonymous
| DD is 22 mos and as of last month, $4200.00 |
Anonymous
| 19:21, why are you doing College America rather than VEST? |
Anonymous
| DD is 11 months old and there's about $4000 in the 529. |
Anonymous
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Two DCs, 14 and 11, and each has about $130,000 in his 529.
Their grandparents have 529s for them as well, but we have no idea how much is in there. I'm guessing not much. |
Anonymous
| Age 8, $60,000. |
Anonymous
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4yo, 15k
1yo, 3k |
Anonymous
| Age 8, $85,000 |
Anonymous
| Age 9, 80K |
Anonymous
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Don't have one. Plan to pay out of annual earned income. Dc is 6
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Anonymous
+1 VEST is better |
Anonymous
| 2 yo. About 10k. |