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Reply to "Need advice on how to save for college - financially dumb parents and tricky situation"
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[quote=Anonymous]1st step - max out retirement options We live in DC and do not use the DC 29. We started saving for college 9 years ago before there was the baby boom in the city. The # of families in DC saving for college was low so the administrative expenses for the program were high. (You have a fixed cost to administer the plan if you have 2000 or 200000 people with an account). Anyway - I am unsure if that guidance still applies but we decided to open a Virginia plan through a broker with American Funds. We invest in the same funds that my finanial advisor has advised on for our retirement savings and this approach has worked very well to date. [/quote]
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