Anyone started 529 for savings

[maverick19]

2 hours ago, Kobbaribondam said:

529 is bs, buy a property let the kids enjoy money or property. 
 

bhumi eppudu mousam cheyadu bhaya. 

iddi india kadu kada bro bhumi meda invest cheyataniki. 

[HugoStrange]

6 hours ago, maverick19 said:

how do we know which states have better 529 plans in terms of funds? 

Nevada

[HugoStrange]

11 minutes ago, maverick19 said:

iddi india kadu kada bro bhumi meda invest 

[HugoStrange]

May be invest in Roth IRA, tax free grow avuthudni and no penalty to get out after 60

[SwamyRaRa]

Ltt

[keertana]

On 10/23/2022 at 1:46 AM, dasari4kntr said:

సంవత్సరం క్రితం విన్నా దీని గురించి ఒక దేశీ uncle దగ్గర…

మా హౌస్ expert (my wife) ని అడిగితే…అవసరంలేదు అంది…Scholarship..etc reasons అని…

if you want details more…will reply tomorrow…

529 lo unte scholarship ivvaraa?

[Konebhar6]

13 minutes ago, keertana said:

529 lo unte scholarship ivvaraa?

Already money undi kada 529 lo ani financial aid avasaram leedu ani ivvaru .... 

[DallasKarreBalu]

Invest in kids health, activities like sports, good food, trips and exploring the world at young age first. 
 

By the time your kids reach college age, you guys have earned in millions so their expenses will be jujubi. Invest in other things

[beerboy17]

7 hours ago, keertana said:

529 lo unte scholarship ivvaraa?

its not like that .. scholarship is based on several factors.. and also it is not UTMA type of account.. 529 is your account and your child is a beneficiary so technically assets are not counted towards child ...

if you know your kid will go to college then have a some money in 529 that will grow tax free.. lot of americans do that ...

what if you dont 529 and still kid doesnt get scholorship.. ? so stop thinking all these and invest in 529 when kid is young is my suggestion 

[vkk]

14 minutes ago, beerboy17 said:

its not like that .. scholarship is based on several factors.. and also it is not UTMA type of account.. 529 is your account and your child is a beneficiary so technically assets are not counted towards child ...

if you know your kid will go to college then have a some money in 529 that will grow tax free.. lot of americans do that ...

what if you dont 529 and still kid doesnt get scholorship.. ? so stop thinking all these and invest in 529 when kid is young is my suggestion 

I have been looking at 529s recently. Technically there is some impact of a 529 on getting a financial aid, may not be that susbtantial an impact but some for sure, per the below:

https://529.wa.gov/blog/how-will-my-529-plan-affect-my-financial-aid

 

[beerboy17]

1 hour ago, vkk said:

I have been looking at 529s recently. Technically there is some impact of a 529 on getting a financial aid, may not be that susbtantial an impact but some for sure, per the below:

https://529.wa.gov/blog/how-will-my-529-plan-affect-my-financial-aid

 

yes there is but that portion is very little compared to the tax free growth you get especially if you know your child will go to college. Who knows what will be the college expenses looks like in 10years from now.. also the beneficiary can do roth if not used completely upto 35k...

[vkk]

45 minutes ago, beerboy17 said:

yes there is but that portion is very little compared to the tax free growth you get especially if you know your child will go to college. Who knows what will be the college expenses looks like in 10years from now.. also the beneficiary can do roth if not used completely upto 35k...

Not refuting what you are saying, just thought of sharing that information. 529 is a bit tricky for individuals like me who may return to India before kids reach college. Again i know this is all a maybe what if and what if not scenario, but it is what it is. Also considering i am in a state which does not offer any concessions on 529 contributions.

The 35k Roth conversion is really interesting. There are a few strings attached to this conversion, but a good move anyways. I may do a 529 for one of my kids because of this. Any particular recommendations you have for a 529? Nevada's 529 i think is only for Nevada residents?

[pavone]

Consider IndexUniversalLife as a 529 alternative with additional tax benefits and flexibility. Check my blog post where I compared it with 529 plan. 

https://www.edgefinancials.com/myblog/college-planning/exploring-529-plans-vs-indexed-universal-life-insurance-for-college-funding/

I am licensed and independent. Let me know if you guys have any questions.

 

[beerboy17]

46 minutes ago, vkk said:

Not refuting what you are saying, just thought of sharing that information. 529 is a bit tricky for individuals like me who may return to India before kids reach college. Again i know this is all a maybe what if and what if not scenario, but it is what it is. Also considering i am in a state which does not offer any concessions on 529 contributions.

The 35k Roth conversion is really interesting. There are a few strings attached to this conversion, but a good move anyways. I may do a 529 for one of my kids because of this. Any particular recommendations you have for a 529? Nevada's 529 i think is only for Nevada residents?

i would recommend Utah 529 since it has more customized options...
remember most of the 529's are same and they invest in more or less same fashion.. there are static, customized, target date options...

[tables]

these days kids are going for community college after high school. 

also completing some courses in high school itself. so effectively they are studying in university for 1.5 years. 

after that they can go into Ph.D program that is usually fully funded.

of course if the kid want to be a doctor or lawyer it is a different story.