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College and University Discussion
Reply to "If your kid doesn't spend their 529, what will you do with that money?"
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[quote=Anonymous][quote=Anonymous]Is it theirs to spend? With conditions or without? [/quote] Luckily we have a very small one, because our 529 did 2 x in 14 years. Our other accounts did 5x in 5 years. Who gets the money depends on how much is in there, is there another sibling, and who can make the most of the money going forward. It's possible that I will pay the taxes, the penalty and then do 5x again in a Roth or investment account. Absolutely not wasting my time rolling it into Roth IRA bit by bit. The success of Roth depends on what you buy in it and when you buy it. Imagine having to wait for the $7k cash to make it into the Roth. I made 10% in Roth today. Sold out of it already and will do it again next week. There is nothing good about special accounts administered by a company or government charging fees. A lot of what's in the account belongs to uncle Sam.[/quote]
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