Not saving. Recently inherited $450K.

Anonymous wrote:

Anonymous wrote:Have 100K in 529s for our 4 yr old. Also, 10K in Coverdell.

Are you done saving? Or, are you planning to have more kids and spread it around?

Not finished and not having more kids. DC started public school so we will continue to put away 25k for him except not in the 529. Will continue with the 2k/yr for the coverdell.

We are doing the prepaid. Its a little over $400 a month and we are about 1/2 paid for a 2 year old. Then, we will do a 529. We wanted to make sure we had something and if we can do more, we very much want to.

$500 for our 1.5 year old.

if you put 1500/month into a 529, doesn't that take you into gift tax territory? past 13k?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DS is 2.5 and we've been putting $1500/mo. into a 529 for the last two years.

Are you done saving for this kid?

Don't they only have $36k at this point?

We started to dial back the contributions when kids were in HS and we were close to fully funded.

$36K for a 2 year old. 15 or 16 years until college even begins. That seems like it should be enough.

Not if you're using any reasonable rate of return assumption. Even if the money doubles every 7 years (which is itself completely unreasonable) - you're at less than $150,000 when the kid is 16.5. That's not enough to pay for 4 years of many schools at today's prices, let alone what prices will be 16 years from now.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DS is 2.5 and we've been putting $1500/mo. into a 529 for the last two years.

Are you done saving for this kid?

Don't they only have $36k at this point?

We started to dial back the contributions when kids were in HS and we were close to fully funded.

$36K for a 2 year old. 15 or 16 years until college even begins. That seems like it should be enough.

Anonymous wrote:

Anonymous wrote:DS is 2.5 and we've been putting $1500/mo. into a 529 for the last two years.

Are you done saving for this kid?

Don't they only have $36k at this point?

We started to dial back the contributions when kids were in HS and we were close to fully funded.

Anonymous wrote:

Anonymous wrote:We had 150k saved. Dd is a college freshman at a private that will cost 250k for four years. 90k shortfall.

How are you financing the shortfall? Out of current income and loans?

Current income. It is a ton of money. But dc was in a private that cost about 30k and so now we just pay it to college and supplement with the college savings.

7:49 here, DC 1 borrows 4K per year and DC 2 3.5K per year, which isn't too bad. They were able to decline unsubsidized loans that were offered.

Not saving. Recently inherited $450K.

Anonymous wrote:

Anonymous wrote:DS is 2.5 and we've been putting $1500/mo. into a 529 for the last two years.

Are you done saving for this kid?

Seriously - that is fantastic! That's what we pay for daycare for each DC, but I would love to be able to funnel that into college savings!

Anonymous wrote:DS is 2.5 and we've been putting $1500/mo. into a 529 for the last two years.

Are you done saving for this kid?

We have about 10K total for two kids, 5 and 7. But we just started saving 1k a month and plan to continue.

12k for our 4 year-old, but I am about to do another 6k, so it will be 18k by the end of the year. The crappy part is that we deposited the whole $12k within a couple months of her birth, and it hasn't risen at all (and, in fact, dropped for some period). If only time-value of money always worked.... Oh well, we have time.