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Reply to "college savings for kid"
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[quote=Anonymous][quote=Anonymous]If you are not already maxing out your ira, that's always a good first step as any contributions can be withdrawn penalty free from a Roth. If you do not have an emergency fund yet, I bonds accumulate interest guaranteed to keep up with inflation and are tax free when redeemed for college expenses. The limit is 10k per social security number and they can't be redeemed in the first 12 months from purchase. I would not personally recommend saving in 529s until I was maxing out Roths and had a cushion of three months expenses.[/quote] What is this maxing out Roths? I didn't realize there was a dollar limit. We save only in 401(k) plans and nondeductible IRAs.[/quote]
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