529 plans... is this something I should be doing? 3 kids kindergarten and younger. Thanks!

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Btw our commitment to our kids was to pay for 4 years of college. After that, any additional undergraduate, post-bac or grad school is on them. And they’ve known it since they were in middle school. Every family has to figure out where any limit they set is, and that family’s limits have to figure in their saving plan.

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My parents did a 529 for me. Paid for my undergrad, helped with living expenses in law school. There’s a little left over and I am going to invest in that for my children. While I don’t know if there are better options, it worked very well for me.

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Oh yes. All in, sending a kid to 4 years at a private college today costs close to $300,000, or $75,000 per year. Assuming yours are 2 years apart and you don’t have more children, you will have 1 in college for 2 years, two in school for 6 years, and the last one in school for another 2 years. That’s 10 straight years of at least $75000 in 2020 dollars per year in college costs, with the middle 6 years at twice that. And that’s assuming that college costs rise “only” at the rate of inflation. Spoiler alert, the cost of that kind of an education rose from $52500 in 2014-15 to $75000 this year. We started saving when child 1 was born in 1996, with a target of saving 90% of the total college cost for each by the time each started and paying the rest out of pocket while she was in school. We ended up exhausting her 529 during her last semester in 2018, so we oversaved a bit. We’ll see how we do with the others. Obviously not everyone can cover the entire cost of very expensive private universities; we and our kids are very fortunate. But the solution to the student debt crisis lies in part on parents and grandparents using some of their earnings and wealth for their descendants’ higher education, and you can’t start early enough. You also probably can’t save enough given that you have three kids close together and college costs continue to accelerate.

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The earlier you start the better. We paid for our two kids’ colleges with 529s and there was no strain on our regular budget

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529 is definitely worth it. My deceased grandmother started one for myself and each of my siblings, it carried me through undergrad and all of law school. I still have some left over which will be rolled down to my future kids

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Yes. And you pay less taxes from your paycheck.

You don't get a pre-tax contribution for 529 plans. Some states allow a deduction or credit, but that's not true in every state.

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