Reply to How many here do not have a 529 savings account, on purpose?

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[quote=Anonymous]Many people here are talking about diversification but a lot of us don't have enough income to diversify.

When our kid was born every extra dollar was put into our retirement accounts. When DS was in MS our income had grown some. We sold our condo and and set aside some of the proceeds for his college fund and opted to invest it in index funds.  (The remainder obviously went to our new home - just a bigger condo/townhome, no fancy house.)

I suppose we should have done a 529 for the tax benefit, but the restrictions on how we could use that money gave us pause. When we first looked at 529s it appeared to us that those funds could only be used for college expenses.

Uses for the money have expanded in recent years, but those weren't compelling enough for us to switch to a 529. We have one kid. We didn't need it for k-12 tuition or apprenticeship programs. The ability to roll over $$ into a retirement account is a compelling reason, but by the time that made it through legislation, our kid was in HS.

Also, other concerns such as: What if DH, our highest income earner, loses his job and we need that money to survive until we get back on our feet? (A v real possibility now since he's in research/academia.)

Just a reminder here that what works for people who have a lot of disposable income may not work for those who don't.

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