Reply to Is it messed up to not save for your kids college even if you can afford it?

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[quote=Anonymous]Honestly, OP, I have a similar cynical mentality about college and higher education. We still started a 529 for each kid and contribute a few $k each year. I think I calculated we are on track to have $150k per child give or take whatever the stock market does between now and then. I felt like this was a fair amount to save, and then we can still pay for the balance if we decide to. Or we can split it with our kids, or take loans, or whatever makes sense at the time. Or if they don't go to college, they can hold on to the account and let it keep accruing interest for their own kids.

But don't lose sight of the fact that 529s are tax free withdrawals. At the very least, you should be contributing the maximum your state allows you to deduct. If you contribute more than the deduction in one year, it carries over and can be deducted the following year, so it's good to pad the account ASAP to allow it to grow.

I agree that $500k (or whatever it winds up being in the 2030s) for a college education is ridiculous. But I also don't want to get to 2035 and wish I had done things differently. I'm hoping to land somewhere in between. [/quote]

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