How much do you set aside per year for your chid's 529?

[Anonymous]

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Anonymous wrote:We did very little into the 529s until they were out of daycare. Now we do $400/month for each kid.

That's still a little

You're a dick.

I don’t disagree PP is a dick but the point is correct. From being able to fund college education standpoint, it won’t be nearly enough without FA or merit scholarships.

So? Not everyone has their college completely paid for by their parents. You do the best you can.

Of course... But I still think PP's statement is factually correct.

Anyone can state the obvious.

sure. i can't disagree with that.

[Anonymous]

We contribute $9,000/year per child.

Current account balances:

7 year old: $98,000
9 year old: $178,000

[Anonymous]

A measly $60/month for my 4 year old. When he gets out of daycare, I’ll up it. We aren’t rich like all of you, and still have student loans to pay and retirements to fund.

[Anonymous]

5k per year. Enough to get the maximum state tax deduction in MD. Kid is 2y/o.

[Anonymous]

The advice I've always heard is if you still have student loans to pay off and aren't fully funding retirement, do those things first before contributing to 529s. It doesn't make sense to save for one college education while paying off another. You can't take out a loan for retirement, but you can take out a loan to help fund your child's college.

[Anonymous]

Anonymous wrote:The advice I've always heard is if you still have student loans to pay off and aren't fully funding retirement, do those things first before contributing to 529s. It doesn't make sense to save for one college education while paying off another. You can't take out a loan for retirement, but you can take out a loan to help fund your child's college.

This is the advice we got too when we sat down with a financial adviser a few years ago, so that's what we're doing, which means $0 into the 529s. We can, if needed, tap retirement funds for college, since that's an allowable hardship withdrawal. DH will also be old enough to take disbursements from his accounts without penalty by then. (We also don't live in a state where there's any tax benefit to contributing.)