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Reply to "529 v. IRA"
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[quote=Anonymous]First take care of yourself. Max out your 401k/TSP at $17,500 for both parents. Then start funding college. If you meet income requirements and never expect HHI to go above the requirements go with the Roth IRA, otherwise go with your 529. clarkhoward.com will tell you which 529 to go with. Even if you think it would be a stretch to do all of this now, I believe this is the most logical way to plan. Your child's college savings doesn't need to be fully funded before freshman orientation and your higher income in 18 years will provide more cash to pay tuition or take out a smaller loan. Worst case scenario would be you funding the childs 529 and missing out on the compounding returns of 30 years of a 401k/TSP. And that recent college graduate isn't going to pay for your retirement [/quote]
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