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Reply to "Help me allocate funds for retirement & college"
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[quote=Anonymous]The IRA thread mentions using an IRA for college savings made me question our approach to savings. We haven't started our college funds but will be doing so this month as we have an extra $2,000 net coming in (just paid off our own student loans). Our plan was to allocated $500 per child (ages 2 and 4) into a 529. And $1,000 would supplement our retirement savings through a backdoor IRA and the rest would go into an investment account. Should we lower our 529 contributions and put more into an IRA? What is the benefit? Should we fund the 529 up to the state tax benefit and shift the extra to an IRA? I would appreciate any resources people go to for information (books, advisors, web pages, etc). Also, 401k is $600k (maxing out) emergency fund is $35k. So this really is an additional $2k just for investment/savings. Everything else is covered. Any help with this is appreciated. [/quote]
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