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