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I have a friend that did it with his bonus for the last few years and is paying for his masters that way.
In general, yes. Many states will let you deduct contributions from your state taxable income plus the investment earnings are tax free. As mentioned, you could use it for yourself, your future kids or grandkids, or even nieces and nephews.
If worst comes to worst and you don't use it (no one goes to college), you can withdraw the money and only have to pay a 10% penalty on *just* the investment's growth (not the principal). If your kid is a genius and gets a full ride, he can withdraw the 529 money without penalty.
Read up on it to get a better sense for your specific situation, though.
You need a SSN of the beneficiary to open a 529 last I checked. So, if no children, no SSN and no 529.
If you name yourself beneficiary, yes, you can. And you can transfer the beneficiary to your kid or someone else with a SSN when you have that blessing.
General advice is to max out 401k and Roth IRA first then you can start funding a 529. There are other options to fund school but not retirement.
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Interesting. I was going to start saving for MBA once I pay off the rest of my undergrad loans so this might be a good option
Yeah you can start it without kids. If you have more than one kid it's better to have separate accounts though. It isnt a tax deduction but it grows tax free
You can rename a 529 to another person at any time. You just have to figure out who you are going to name it to before your little person exists. Highly recommend the site savingforcollege.com. Lots of info on state by state performance.
SC1: why is it better to have separate accounts for kids? I thought you can transfer money between kids