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College and University Discussion
Reply to "This is not real life - paying for college edition"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous] True, but our advisor didn’t tell us to save extra elsewhere. Can also convert some, if not all, of any excess to an IRA for the your kid, I think.[/quote] Only $35K can be converted to an IRA, so you definitely don’t want to save $400K in a 529 and have your kid need less than half of it for education.[/quote] If you end up with too much in the 529, you can save it and transfer it to grandchildren in the future. [/quote] The point is if you save early, your $100k will turn into $400k. It baffles me that people start saving in high school. Financial literacy needs to be taught in high school.[/quote]
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