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College and University Discussion
Reply to "I’m really surprised how many people don’t save for college"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]The answer is pretty simple. A 529 is a tax-deferred savings vehicle, but so is my 401k and my wife’s 401k. If I have limited savings, I’m going to max out my 401k before funding a 529. Also, if you fund a Roth, you can take money from there before 59 1/2 for education. Finally, VA has great in-state colleges. Go to one and you’ve already saved a ton relative to your friend who sent their kid to a no-name SLAC. At $300-400k, I can cash flow a public, in-state school. The only people who must save for college are those who seek the right “fit” at an overly expensive college. You may think that’s worth it, but a lot of people don’t. [/quote] That was our approach and we were denied FA due to the size of our retirement accounts. Proceed at your own risk. [/quote] We don’t expect FA. Our kids will attend instate schools and we will cash flow the relatively low bill. [/quote]
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