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Savings Plan for Children - 529 vs. Other Options
Posted on 2/27/24 at 11:58 am
Posted on 2/27/24 at 11:58 am
Just trying to get opinions here..... I have a 3 year old and a 1 year old. I have about $100 for each per month that I can invest to start a savings account for them to utilize once they turn 18 or so (most likely for college , but who knows). I am debating on investing in a 529 plan or going with a more traditional investment account and put it into an ETF or Index fund. I spoke with a guy I know who works for New York Life and he was telling me about their variable universal life policies that are an option as well. It was the first time I've heard of those , but I am not sold that you get the most bang out of your buck with a VUL account.
6
Posted on 2/27/24 at 12:13 pm to LSUBlake11
So you asked a life insurance guy and he gave you an account he represents and makes money on…..shocker lol
Dude go 529 and get tax savings. Kids can roll it into a Roth IRA one day as well.
Dude go 529 and get tax savings. Kids can roll it into a Roth IRA one day as well.
Posted on 2/27/24 at 4:20 pm to LSUBlake11
Do a start 529. You can use it for elementary school fees and such then roll that into a 529 for college. La started the start 529 a couple of years ago. It’s nice
Posted on 2/28/24 at 6:59 am to LSUBlake11
quote:
spoke with a guy I know who works for New York Life and he was telling me about their variable universal life policies
Of course he did. Baw, I’ve sold life insurance for 14 years and I’m here to tell you to NEVER mix life insurance and investments. It only ever works out for the agent who sold it to you.
Posted on 2/28/24 at 7:03 am to LSUBlake11
FWIW I hate 529s. I can’t think of a more commonly wasted vehicle.
More often than not, saving it in an account for yourself and just giving it to your child when you’re ready is the most flexible and reasonable thing to do.
More often than not, saving it in an account for yourself and just giving it to your child when you’re ready is the most flexible and reasonable thing to do.
Posted on 2/28/24 at 11:54 am to LSUBlake11
Had a 529 for roughly 15 yrs. Got spooked when I learned that FASFA counts it against their calculation for tuition qualification amount. Proceeded to roll it into a Brokerage Account.
In hindsight, if known about the current rollover option, I would have left it alone. I'm not too broken up about it as I understand I still can receive the tax avoidance on the withdrawal(s) with the Brokerage if used for educational purposes.
In hindsight, if known about the current rollover option, I would have left it alone. I'm not too broken up about it as I understand I still can receive the tax avoidance on the withdrawal(s) with the Brokerage if used for educational purposes.
Posted on 2/28/24 at 2:43 pm to LSUBlake11
529 now that you can roll excess into an IRA. We do $100 per month each for both kids.
They make about 2-300 a year from their grandparents for holidays and birthdays. That money goes into their savings accounts.
They make about 2-300 a year from their grandparents for holidays and birthdays. That money goes into their savings accounts.
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