Reply to Is $1000/mo in a 529 enough?

Forum Index » Money and Finances

Reply to "Is $1000/mo in a 529 enough?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]What's your HHI?

You're missing out on tax benefits putting that much in a 529.

At the very least, put it in two 529s (one in your name, one in your DH's). If you are eligible for a Roth, I would split the thousand as $330 in your 529, $330 in your husband's, and the balance split between two Roth IRAs. You can use Roth money to pay for college, and in the event your child doesn't end up needing it, you still have it for your retirement.[/quote]

HHI is ~350k.  we both max out 401(k) (spouse has a 9% match; I have none because I work in biglaw).  In addition, we put away about $4000 in index funds.  We also each backdoor the maximum into Roth IRA accounts.

We each put the minimum into the state-sponsored 529 for the write-off.  The remainder goes into a 529 with Vanguard (fees are lower).  What would be better for us to do?[/quote]

I'm amazed that you are able to save $5K a month (and then some) on $350K.  How do you manage that?  Any tips?[/quote]

Our mortgage is $2500 - we bought 3 years ago when HHI was about 250k, and even then we went cheaper than we could have (we got a place for just under 600k).  No car payments and no other significant expenses.  I divert almost all the money I can to various mutual fund accounts/savings accounts automatically so it's as if I never had the money to spend.

The responses to this thread are something else.  Thanks for the handful of helpful responses (for the record there actually are a few people who think $1k/mo is insufficient).  As for people worrying about me talking with a friend regarding finances, that person and I are very close friends and have been for over 20 years.  We talk about this stuff all the time, but I'm happy to know that some of you think it's inappropriate for me to talk about these things.  I will stop asap. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics