| 11/4/2021 9:55:36 AM mrw04c |
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| Hey - Really nice job. I saw you have quite a bit in your kids 529 - do you have any concerns that you may have too much in there (I know, bad problem to have)? I know that there are options to liquidate a 529 without the tax impact (i.e. pay for friends/other families kids college and they reimburse you), but just curious if you'd still try and save as much as you did if you could do it all over again? I ask b/c I have two young guys (3 & 1) w/ around $24k saved thus far. |
| 11/8/2021 4:31:53 PM sertra2002 |
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| mrw04c that is a valid question which I have asked myself many times. I do plan to stop/reduce contributions on one of these accounts starting next year and putting more towards retirement (will be eligible for catch up next year). College education is very expensive but my advice is save as much as you can comfortably afford to. If it means you have to cut down on retirement savings or not pay off debt then I will say do not overdo it. Regarding my savings, one of my kids is in premed and plans to go to med school so I will need it ! |
| 11/11/2021 6:14:39 PM EscapeVelocity |
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| I'm about to be done paying for my kids' college education. Remember, you can use 529 money for tuition, books, rent, etc., and a single undergraduate degree at a 4-year out-of-state university will easily cost $200K per child. I'd say you're very-much set for 2 kids' undergraduate degrees, but not for more kids or more degrees. For that, you'll need even more, but good on ya for socking away that much, and rest assured that you'll be glad you did when it comes time to pay the tuition. |
| 11/16/2021 3:03:31 PM sertra2002 |
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| EscapeVelocity thanks for the insights. You are on another level though as your Portfolio puts you in the ultra rich or supper rich category :),. so have to keep that in mind. For the ordinary American where money is limited Retirement has to be prioritized over a 529. |
| 11/17/2021 4:26:24 PM EscapeVelocity |
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| I totally hear you--100%--and didn't mean to be so obtuse. You are quite right, retirement should always be prioritized over 529s, I was simply pushing back on the idea that you've overdone the 529 savings. |
| 11/19/2021 7:42:36 AM sertra2002 |
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| Thanks for the clarification. The context of all this is that my elder is almost done (1 semester left) with his undergrad, and the second child is still 6 years from college. The eldest wants to go to med school so depending on whether he does or does not go, I will know whether I have too much or too little in the 529 :). |