Reply to Parents of little kids: What are your college savings goals?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]We are saving only as much as benefits us tax wise. In Virginia that is 4k a year per kid. We have 4 kids so saving about 1,400 a month total.[/quote]

This is what we do as well. When our first was born, we lived in a state with a $10k/year max for the tax advantage, so we started contributing on that basis and have never changed it. Second and third kids are on the VA basis. We're on track for kid #1 to be fully funded for private tuition, and behind that pace for the later born kids. DH and I have never specifically talked goals, but I think we're both on the same page with letting our kids decide where they want to go and be able to fund it 100%, so we will have some catch-up to do at some point (unless they all decide to go to UVA, which we would be thrilled with b/c DH loves Charlottesville and wants to visit all the time).

HHI is currently over $500k, so we are also saving considerably for retirement and I agree with the sentiment that that should come first. We are fortunate enough to be able to do both as of now.[/quote]

Just so you know, the tax free growth is a much bigger tax benefit than the state income tax deduction.  18 years of compounded returns completely tax free![/quote]

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