Is It Really Gonna Cost $280K? OMG

[Anonymous]

Anonymous wrote:

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Anonymous wrote:More like $300K, going up 5% per year.

Can’t do this forever.

I've been thinking about the same thing. Even after DC graduate from college, I am going to keeping paying $8k/year into the 529 account. When I have grand kids, the account should help them a bit.

That's a really generous thought however, what if they don't have kids or they fall into bad times and need another type of help? I would save separately. You can always do a lump sum 5 year contribution later...currently that's $70k or $140k joint.

What if? None of us can predict the future. It’s great to plan for the future you expect. You can make adjustments as needed when the time comes.

After my children use the money in their 529s, I’m also going to continue to save for my future grandchildren’s education. I’m speaking it into existence!

I’m all for optimism, but this is a little messed up. Your kids are their own sentient beings, but just vehicles for your ego.

What in the world are you talking about? On what planet is this “messed up”?!? I’m sure my children won’t think it’s messed up when I contribute tens of thousands of dollars (tax free) to their children’s education. Educational attainment is a part of our family’s legacy. Clearly you’re unfamiliar with the concept.

Generous thought poster - You should talk to our advisor or CPA. The rules of 529s will lock you into tax penalties so adjustments as needed are not without a heavy financial price. You do you but be informed.

No, you just sound bitter that you can’t provide the same generous support for your future grandchildren.

Let's see if I can make this clearer. I am trying to say to you that saving with that goal is admirable. But do it outside of a 529. If all you can save is $8,000/year, you probably can't afford the penalties if your kids need the money for something else like health issues. Put it in a regular investent account or better yet a ROTH if you're eligible. Talk to your financial advisor.

You are misunderstanding my point. Both of my elementary school children have 529s with over $100K. My oldest child is 10 years old and her 529 has nearly $200K. By the time they reach college, they should have around $300K each. After my children have graduated from college (and hopefully graduate school), I will continue to contribute $8,000 per year to their 529s for my future grandchildren (and the DC tax deduction). We can afford to contribute much more, but we don’t want to do so. We will make it clear to our children that our 529 contributions are supplemental to their own—we don’t intend to fully fund our grandchildren’s education because that is their parent’s responsibility. They should regard our contribution as a generous scholarship. We won’t even tell them about our contribution until their children are a few years old.

[Anonymous]

Congratulations on your DD’s acceptance. Our DD is graduating this spring and we will have spent just over $300k. We have only one small loan we are have paid half on so we feel pretty lucky. We saved nothing for college and are paying out of pocket. Years of private school sort of helped us form that budget pattern early on. It is extremely hard at the very end but doable.

[Anonymous]

Anonymous wrote:DD got in to Northwestern and she is over the moon.

If we continue to save $1K a month, we should only be $35K short for the 4 years of tuition.

Still it's SO MUCH $! Am I the only one that feels this way? My DD has brought it up more than once to me. I tend to be okay about money issues. Just want to make sure I am not missing anything.

TIA

OP - are you calculating in the fact that if this money is to come from earned sources (not a 529) then you pay the $280K in after tax dollars? so you have to make much more than the $280K to cover costs? This is why in-state schools are seeing such a high increase in applications.

[Anonymous]

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Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:More like $300K, going up 5% per year.

Can’t do this forever.

I've been thinking about the same thing. Even after DC graduate from college, I am going to keeping paying $8k/year into the 529 account. When I have grand kids, the account should help them a bit.

That's a really generous thought however, what if they don't have kids or they fall into bad times and need another type of help? I would save separately. You can always do a lump sum 5 year contribution later...currently that's $70k or $140k joint.

What if? None of us can predict the future. It’s great to plan for the future you expect. You can make adjustments as needed when the time comes.

After my children use the money in their 529s, I’m also going to continue to save for my future grandchildren’s education. I’m speaking it into existence!

I’m all for optimism, but this is a little messed up. Your kids are their own sentient beings, but just vehicles for your ego.

What in the world are you talking about? On what planet is this “messed up”?!? I’m sure my children won’t think it’s messed up when I contribute tens of thousands of dollars (tax free) to their children’s education. Educational attainment is a part of our family’s legacy. Clearly you’re unfamiliar with the concept.

Generous thought poster - You should talk to our advisor or CPA. The rules of 529s will lock you into tax penalties so adjustments as needed are not without a heavy financial price. You do you but be informed.

No, you just sound bitter that you can’t provide the same generous support for your future grandchildren.

Let's see if I can make this clearer. I am trying to say to you that saving with that goal is admirable. But do it outside of a 529. If all you can save is $8,000/year, you probably can't afford the penalties if your kids need the money for something else like health issues. Put it in a regular investent account or better yet a ROTH if you're eligible. Talk to your financial advisor.

You are misunderstanding my point. Both of my elementary school children have 529s with over $100K. My oldest child is 10 years old and her 529 has nearly $200K. By the time they reach college, they should have around $300K each. After my children have graduated from college (and hopefully graduate school), I will continue to contribute $8,000 per year to their 529s for my future grandchildren (and the DC tax deduction). We can afford to contribute much more, but we don’t want to do so. We will make it clear to our children that our 529 contributions are supplemental to their own—we don’t intend to fully fund our grandchildren’s education because that is their parent’s responsibility. They should regard our contribution as a generous scholarship. We won’t even tell them about our contribution until their children are a few years old.

There are max 529 contribution limits per beneficiary in te $300-30k range From the fgures you quote, dependig on where you live, the limits will be exhausted with your own children. The IRS imposes these conditions so that people can't take advantage of the tax beaks for phanton people.

[Anonymous]

To each is own. Good for you and your DD who is at Northwestern. It is a fantastic school and will serve her very well in the future, no matter where she goes.

[Anonymous]

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Anonymous wrote:Don't spend the $280,000 thinking everyone is going to fawn over you for being amazing parents for having a daughter at Northwestern. It just doesn't have much firepower outside of Chicago.

I am not going to comment on anything with regard to financial worth as that is a personal decision, but the idea that Northwestern is not highly respected outside of Chicago is preposterous

This is only true in part and no doubt post by an alum. It’s true that the school is respected. But it carries far more clout in the Chicago and Midwest region. It is simply not the case that it is more respected than the East Coast schools in the East. Sorry but that is the case and that’s coming a recruiter.

First I am not an alum, I have not even visited the campus.

Second I didn’t say there weren’t schools held in higher esteem. I didn’t say that because that would be a ridiculous discussion.

Thank you for admitting you know literally nothing about Northwestern. But you see it top 15 in some list so it MUST be worth $280,000. It’s a solid school, to be sure, but it’s never going to impress anyone.

[Anonymous]

Anonymous wrote:

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Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:More like $300K, going up 5% per year.

Can’t do this forever.

I've been thinking about the same thing. Even after DC graduate from college, I am going to keeping paying $8k/year into the 529 account. When I have grand kids, the account should help them a bit.

That's a really generous thought however, what if they don't have kids or they fall into bad times and need another type of help? I would save separately. You can always do a lump sum 5 year contribution later...currently that's $70k or $140k joint.

What if? None of us can predict the future. It’s great to plan for the future you expect. You can make adjustments as needed when the time comes.

After my children use the money in their 529s, I’m also going to continue to save for my future grandchildren’s education. I’m speaking it into existence!

I’m all for optimism, but this is a little messed up. Your kids are their own sentient beings, but just vehicles for your ego.

What in the world are you talking about? On what planet is this “messed up”?!? I’m sure my children won’t think it’s messed up when I contribute tens of thousands of dollars (tax free) to their children’s education. Educational attainment is a part of our family’s legacy. Clearly you’re unfamiliar with the concept.

Generous thought poster - You should talk to our advisor or CPA. The rules of 529s will lock you into tax penalties so adjustments as needed are not without a heavy financial price. You do you but be informed.

No, you just sound bitter that you can’t provide the same generous support for your future grandchildren.

Let's see if I can make this clearer. I am trying to say to you that saving with that goal is admirable. But do it outside of a 529. If all you can save is $8,000/year, you probably can't afford the penalties if your kids need the money for something else like health issues. Put it in a regular investent account or better yet a ROTH if you're eligible. Talk to your financial advisor.

You are misunderstanding my point. Both of my elementary school children have 529s with over $100K. My oldest child is 10 years old and her 529 has nearly $200K. By the time they reach college, they should have around $300K each. After my children have graduated from college (and hopefully graduate school), I will continue to contribute $8,000 per year to their 529s for my future grandchildren (and the DC tax deduction). We can afford to contribute much more, but we don’t want to do so. We will make it clear to our children that our 529 contributions are supplemental to their own—we don’t intend to fully fund our grandchildren’s education because that is their parent’s responsibility. They should regard our contribution as a generous scholarship. We won’t even tell them about our contribution until their children are a few years old.

There are max 529 contribution limits per beneficiary in te $300-30k range From the fgures you quote, dependig on where you live, the limits will be exhausted with your own children. The IRS imposes these conditions so that people can't take advantage of the tax beaks for phanton people.

In DC proper (where I reside), the lifetime contribution limit is $500K PER BENEFICIARY. I won’t reach that contribution limit for either child. After the grandchildren are born, I will officially change the beneficiary, and that resets the contribution amount.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Don't spend the $280,000 thinking everyone is going to fawn over you for being amazing parents for having a daughter at Northwestern. It just doesn't have much firepower outside of Chicago.

I am not going to comment on anything with regard to financial worth as that is a personal decision, but the idea that Northwestern is not highly respected outside of Chicago is preposterous

This is only true in part and no doubt post by an alum. It’s true that the school is respected. But it carries far more clout in the Chicago and Midwest region. It is simply not the case that it is more respected than the East Coast schools in the East. Sorry but that is the case and that’s coming a recruiter.

First I am not an alum, I have not even visited the campus.

Second I didn’t say there weren’t schools held in higher esteem. I didn’t say that because that would be a ridiculous discussion.

Thank you for admitting you know literally nothing about Northwestern. But you see it top 15 in some list so it MUST be worth $280,000. It’s a solid school, to be sure, but it’s never going to impress anyone.

Wow, you really have some bug up your butt about Northwestern. You need to get over it.

PP here. I am an east coast person in tech involved with recruiting and hiring, and among everyone I know Northwestern is a highly respected and impressive school. So you saying "it’s never going to impress anyone" is demonstrably false.

[Anonymous]

Anonymous wrote:My son goes to a school that cost $280K. Our HHI is $250k, but has not always been that high.

We have not saved very much (about $50k) due to a few medical issues.

We have a normal house, no summer home, modest vacations, no fancy cars and inexpensive clothes.

We have 10k in loans, 21 in grants, and pay the other 40 out of pocket.

It's a choice that works for him. If it doesn't work for your family then it doesn't.

Thanks for the straightforward, insult-free description of a choice. The DCUM gang need to be more respectful of each other.

We did not choose to spend that, but I don't want to be smug since my kid's first choices was an OOS flagship so I was never tested. I hope your child continues to do well.

[Anonymous]

Concur with PPs about the quality of NU students. There's nothing wrong with them and they're great. I think that from an East Coast perspective, however, trying to compare NU to some of the more storied East Coast schools...not going to work on these boards...and in this area in general. If I were planning to work/live have a career on the East Coast and i had another alternative besides NU that is East Coast based, I'd seriously suggest that one.

[Anonymous]

Anonymous wrote:

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Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:More like $300K, going up 5% per year.

Can’t do this forever.

I've been thinking about the same thing. Even after DC graduate from college, I am going to keeping paying $8k/year into the 529 account. When I have grand kids, the account should help them a bit.

That's a really generous thought however, what if they don't have kids or they fall into bad times and need another type of help? I would save separately. You can always do a lump sum 5 year contribution later...currently that's $70k or $140k joint.

What if? None of us can predict the future. It’s great to plan for the future you expect. You can make adjustments as needed when the time comes.

After my children use the money in their 529s, I’m also going to continue to save for my future grandchildren’s education. I’m speaking it into existence!

I’m all for optimism, but this is a little messed up. Your kids are their own sentient beings, but just vehicles for your ego.

What in the world are you talking about? On what planet is this “messed up”?!? I’m sure my children won’t think it’s messed up when I contribute tens of thousands of dollars (tax free) to their children’s education. Educational attainment is a part of our family’s legacy. Clearly you’re unfamiliar with the concept.

Generous thought poster - You should talk to our advisor or CPA. The rules of 529s will lock you into tax penalties so adjustments as needed are not without a heavy financial price. You do you but be informed.

No, you just sound bitter that you can’t provide the same generous support for your future grandchildren.

Let's see if I can make this clearer. I am trying to say to you that saving with that goal is admirable. But do it outside of a 529. If all you can save is $8,000/year, you probably can't afford the penalties if your kids need the money for something else like health issues. Put it in a regular investent account or better yet a ROTH if you're eligible. Talk to your financial advisor.

You are misunderstanding my point. Both of my elementary school children have 529s with over $100K. My oldest child is 10 years old and her 529 has nearly $200K. By the time they reach college, they should have around $300K each. After my children have graduated from college (and hopefully graduate school), I will continue to contribute $8,000 per year to their 529s for my future grandchildren (and the DC tax deduction). We can afford to contribute much more, but we don’t want to do so. We will make it clear to our children that our 529 contributions are supplemental to their own—we don’t intend to fully fund our grandchildren’s education because that is their parent’s responsibility. They should regard our contribution as a generous scholarship. We won’t even tell them about our contribution until their children are a few years old.

There are max 529 contribution limits per beneficiary in te $300-30k range From the fgures you quote, dependig on where you live, the limits will be exhausted with your own children. The IRS imposes these conditions so that people can't take advantage of the tax beaks for phanton people.

In DC proper (where I reside), the lifetime contribution limit is $500K PER BENEFICIARY. I won’t reach that contribution limit for either child. After the grandchildren are born, I will officially change the beneficiary, and that resets the contribution amount.

The limits, which tend to be in the $300k range are PER BENEFICIARY PER STATE, so if you really feel the need to oversave, you just open an account somewhere else.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:More like $300K, going up 5% per year.

Can’t do this forever.

I've been thinking about the same thing. Even after DC graduate from college, I am going to keeping paying $8k/year into the 529 account. When I have grand kids, the account should help them a bit.

That's a really generous thought however, what if they don't have kids or they fall into bad times and need another type of help? I would save separately. You can always do a lump sum 5 year contribution later...currently that's $70k or $140k joint.

What if? None of us can predict the future. It’s great to plan for the future you expect. You can make adjustments as needed when the time comes.

After my children use the money in their 529s, I’m also going to continue to save for my future grandchildren’s education. I’m speaking it into existence!

I’m all for optimism, but this is a little messed up. Your kids are their own sentient beings, but just vehicles for your ego.

What in the world are you talking about? On what planet is this “messed up”?!? I’m sure my children won’t think it’s messed up when I contribute tens of thousands of dollars (tax free) to their children’s education. Educational attainment is a part of our family’s legacy. Clearly you’re unfamiliar with the concept.

Generous thought poster - You should talk to our advisor or CPA. The rules of 529s will lock you into tax penalties so adjustments as needed are not without a heavy financial price. You do you but be informed.

No, you just sound bitter that you can’t provide the same generous support for your future grandchildren.

Let's see if I can make this clearer. I am trying to say to you that saving with that goal is admirable. But do it outside of a 529. If all you can save is $8,000/year, you probably can't afford the penalties if your kids need the money for something else like health issues. Put it in a regular investent account or better yet a ROTH if you're eligible. Talk to your financial advisor.

You are misunderstanding my point. Both of my elementary school children have 529s with over $100K. My oldest child is 10 years old and her 529 has nearly $200K. By the time they reach college, they should have around $300K each. After my children have graduated from college (and hopefully graduate school), I will continue to contribute $8,000 per year to their 529s for my future grandchildren (and the DC tax deduction). We can afford to contribute much more, but we don’t want to do so. We will make it clear to our children that our 529 contributions are supplemental to their own—we don’t intend to fully fund our grandchildren’s education because that is their parent’s responsibility. They should regard our contribution as a generous scholarship. We won’t even tell them about our contribution until their children are a few years old.

There are max 529 contribution limits per beneficiary in te $300-30k range From the fgures you quote, dependig on where you live, the limits will be exhausted with your own children. The IRS imposes these conditions so that people can't take advantage of the tax beaks for phanton people.

In DC proper (where I reside), the lifetime contribution limit is $500K PER BENEFICIARY. I won’t reach that contribution limit for either child. After the grandchildren are born, I will officially change the beneficiary, and that resets the contribution amount.

The limits, which tend to be in the $300k range are PER BENEFICIARY PER STATE, so if you really feel the need to oversave, you just open an account somewhere else.

Why bother? I live in DC and the contribution limit is $500K/beneficiary. If I keep the money in the same 529 plan, I will receive the DC tax deduction, plus I don’t have to deal with the hassle of switching plans. I can change the beneficiary with just one click of my mouse.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:More like $300K, going up 5% per year.

Can’t do this forever.

I've been thinking about the same thing. Even after DC graduate from college, I am going to keeping paying $8k/year into the 529 account. When I have grand kids, the account should help them a bit.

That's a really generous thought however, what if they don't have kids or they fall into bad times and need another type of help? I would save separately. You can always do a lump sum 5 year contribution later...currently that's $70k or $140k joint.

What if? None of us can predict the future. It’s great to plan for the future you expect. You can make adjustments as needed when the time comes.

After my children use the money in their 529s, I’m also going to continue to save for my future grandchildren’s education. I’m speaking it into existence!

I’m all for optimism, but this is a little messed up. Your kids are their own sentient beings, but just vehicles for your ego.

What in the world are you talking about? On what planet is this “messed up”?!? I’m sure my children won’t think it’s messed up when I contribute tens of thousands of dollars (tax free) to their children’s education. Educational attainment is a part of our family’s legacy. Clearly you’re unfamiliar with the concept.

Generous thought poster - You should talk to our advisor or CPA. The rules of 529s will lock you into tax penalties so adjustments as needed are not without a heavy financial price. You do you but be informed.

No, you just sound bitter that you can’t provide the same generous support for your future grandchildren.

Let's see if I can make this clearer. I am trying to say to you that saving with that goal is admirable. But do it outside of a 529. If all you can save is $8,000/year, you probably can't afford the penalties if your kids need the money for something else like health issues. Put it in a regular investent account or better yet a ROTH if you're eligible. Talk to your financial advisor.

You are misunderstanding my point. Both of my elementary school children have 529s with over $100K. My oldest child is 10 years old and her 529 has nearly $200K. By the time they reach college, they should have around $300K each. After my children have graduated from college (and hopefully graduate school), I will continue to contribute $8,000 per year to their 529s for my future grandchildren (and the DC tax deduction). We can afford to contribute much more, but we don’t want to do so. We will make it clear to our children that our 529 contributions are supplemental to their own—we don’t intend to fully fund our grandchildren’s education because that is their parent’s responsibility. They should regard our contribution as a generous scholarship. We won’t even tell them about our contribution until their children are a few years old.

There are max 529 contribution limits per beneficiary in te $300-30k range From the fgures you quote, dependig on where you live, the limits will be exhausted with your own children. The IRS imposes these conditions so that people can't take advantage of the tax beaks for phanton people.

In DC proper (where I reside), the lifetime contribution limit is $500K PER BENEFICIARY. I won’t reach that contribution limit for either child. After the grandchildren are born, I will officially change the beneficiary, and that resets the contribution amount.

What if you never have any grandchildren?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:More like $300K, going up 5% per year.

Can’t do this forever.

I've been thinking about the same thing. Even after DC graduate from college, I am going to keeping paying $8k/year into the 529 account. When I have grand kids, the account should help them a bit.

That's a really generous thought however, what if they don't have kids or they fall into bad times and need another type of help? I would save separately. You can always do a lump sum 5 year contribution later...currently that's $70k or $140k joint.

What if? None of us can predict the future. It’s great to plan for the future you expect. You can make adjustments as needed when the time comes.

After my children use the money in their 529s, I’m also going to continue to save for my future grandchildren’s education. I’m speaking it into existence!

I’m all for optimism, but this is a little messed up. Your kids are their own sentient beings, but just vehicles for your ego.

What in the world are you talking about? On what planet is this “messed up”?!? I’m sure my children won’t think it’s messed up when I contribute tens of thousands of dollars (tax free) to their children’s education. Educational attainment is a part of our family’s legacy. Clearly you’re unfamiliar with the concept.

Generous thought poster - You should talk to our advisor or CPA. The rules of 529s will lock you into tax penalties so adjustments as needed are not without a heavy financial price. You do you but be informed.

No, you just sound bitter that you can’t provide the same generous support for your future grandchildren.

Let's see if I can make this clearer. I am trying to say to you that saving with that goal is admirable. But do it outside of a 529. If all you can save is $8,000/year, you probably can't afford the penalties if your kids need the money for something else like health issues. Put it in a regular investent account or better yet a ROTH if you're eligible. Talk to your financial advisor.

You are misunderstanding my point. Both of my elementary school children have 529s with over $100K. My oldest child is 10 years old and her 529 has nearly $200K. By the time they reach college, they should have around $300K each. After my children have graduated from college (and hopefully graduate school), I will continue to contribute $8,000 per year to their 529s for my future grandchildren (and the DC tax deduction). We can afford to contribute much more, but we don’t want to do so. We will make it clear to our children that our 529 contributions are supplemental to their own—we don’t intend to fully fund our grandchildren’s education because that is their parent’s responsibility. They should regard our contribution as a generous scholarship. We won’t even tell them about our contribution until their children are a few years old.

There are max 529 contribution limits per beneficiary in te $300-30k range From the fgures you quote, dependig on where you live, the limits will be exhausted with your own children. The IRS imposes these conditions so that people can't take advantage of the tax beaks for phanton people.

In DC proper (where I reside), the lifetime contribution limit is $500K PER BENEFICIARY. I won’t reach that contribution limit for either child. After the grandchildren are born, I will officially change the beneficiary, and that resets the contribution amount.

What if you never have any grandchildren?

I’ll cross that bridge IF I get to it. There are many ways to liquidate the money if things don’t go as planned. However, I choose to plan for the future that I want. As I said before, I’m speaking (and planning) my wishes into existence (as well as my children’s stated dreams of spouses and children). It’s been working very well so far.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:More like $300K, going up 5% per year.

Can’t do this forever.

I've been thinking about the same thing. Even after DC graduate from college, I am going to keeping paying $8k/year into the 529 account. When I have grand kids, the account should help them a bit.

That's a really generous thought however, what if they don't have kids or they fall into bad times and need another type of help? I would save separately. You can always do a lump sum 5 year contribution later...currently that's $70k or $140k joint.

What if? None of us can predict the future. It’s great to plan for the future you expect. You can make adjustments as needed when the time comes.

After my children use the money in their 529s, I’m also going to continue to save for my future grandchildren’s education. I’m speaking it into existence!

I’m all for optimism, but this is a little messed up. Your kids are their own sentient beings, but just vehicles for your ego.

What in the world are you talking about? On what planet is this “messed up”?!? I’m sure my children won’t think it’s messed up when I contribute tens of thousands of dollars (tax free) to their children’s education. Educational attainment is a part of our family’s legacy. Clearly you’re unfamiliar with the concept.

Generous thought poster - You should talk to our advisor or CPA. The rules of 529s will lock you into tax penalties so adjustments as needed are not without a heavy financial price. You do you but be informed.

No, you just sound bitter that you can’t provide the same generous support for your future grandchildren.

Let's see if I can make this clearer. I am trying to say to you that saving with that goal is admirable. But do it outside of a 529. If all you can save is $8,000/year, you probably can't afford the penalties if your kids need the money for something else like health issues. Put it in a regular investent account or better yet a ROTH if you're eligible. Talk to your financial advisor.

You are misunderstanding my point. Both of my elementary school children have 529s with over $100K. My oldest child is 10 years old and her 529 has nearly $200K. By the time they reach college, they should have around $300K each. After my children have graduated from college (and hopefully graduate school), I will continue to contribute $8,000 per year to their 529s for my future grandchildren (and the DC tax deduction). We can afford to contribute much more, but we don’t want to do so. We will make it clear to our children that our 529 contributions are supplemental to their own—we don’t intend to fully fund our grandchildren’s education because that is their parent’s responsibility. They should regard our contribution as a generous scholarship. We won’t even tell them about our contribution until their children are a few years old.

There are max 529 contribution limits per beneficiary in te $300-30k range From the fgures you quote, dependig on where you live, the limits will be exhausted with your own children. The IRS imposes these conditions so that people can't take advantage of the tax beaks for phanton people.

In DC proper (where I reside), the lifetime contribution limit is $500K PER BENEFICIARY. I won’t reach that contribution limit for either child. After the grandchildren are born, I will officially change the beneficiary, and that resets the contribution amount.

What if you never have any grandchildren?

I’ll cross that bridge IF I get to it. There are many ways to liquidate the money if things don’t go as planned. However, I choose to plan for the future that I want. As I said before, I’m speaking (and planning) my wishes into existence (as well as my children’s stated dreams of spouses and children). It’s been working very well so far.

Your children are in elementary school. I hope that you have no occasion to regret that 10% penalty.
Still it will be many years and legislatures later until saving for your phantom granchildren will start. Who knows what the tax laws regarding deductions and withdrawals will be.