529 question - for those saving into a 529 or similar plan, how much do you plan on saving? Obviously the market has been insane, but I noticed my almost 5yo already has $150k in his account. I'm in IL and my wife and I both contribute to the tax benefit max, depositing into a balanced portfolio. Projected 4 year private school total cost will be between 4-500k in 13 years, if you believe we will continue to see steady increases.

Are you going to max every year regardless or cap?

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A general rule an investment adviser mentioned was to target 80% of college costs in a 529 to avoid the funds being locked up only for education purposes.

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That’s similar to the approach I’m going for. We are aiming for $100k future dollars per kid as MVP, then we’ll reassess if we want to add more when we get closer. But we don’t want to lock too much into 529 because it’s not very flexible.

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If I were you, I would stop contributing. You probably have enough already for your 5yo.

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I put in 20k both of the past two years due to IL state income tax benefits. I don't know if waiting for a significant correction this year will be worth it

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I’m in IL as well; maxing contribution for tax purpose. Our 10 yr old has $350-400 in the account. We are estimating $100 per year for college and then some for higher education. At some point if the balance gets too high then we might withdraw for private HS fees.

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