{ "media_type": "text", "post_content": "God blessed us Friday with our first kid, knew that holding your kid for the first time is a life changing moment but not to this extent. Anyone have experience about the 529 plan ? Which one is better, 529 or an IRA ? Any additional financial ideas or steps we can take to try to secure financial stability for him? Thank you", "post_id": "626ec48699ea4f002e8be0ce", "reply_count": 10, "vote_count": 5, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter", "feed_type": "bowl" }

God blessed us Friday with our first kid, knew that holding your kid for the first time is a life changing moment but not to this extent. Anyone have experience about the 529 plan ? Which one is better, 529 or an IRA ? Any additional financial ideas or steps we can take to try to secure financial stability for him? Thank you

likeuplifting
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I opened one when my son was born 7 months ago and I’m contributing $200/month. It doesn’t affect our lifestyle at all and it’s enough to help him, but not enough to get him through without scholarships or working. Maybe I’m an outlier, but I want him to have SOME skin in the game and have the financial decision to make (go in state and need only a little, or go out of state and need a lot).

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This is our philosophy too. We save what we can while still being comfortable. My husband and I each paid part of our tuition, and it made a difference in the schools we chose. Yet here we are with great jobs and salaries even without the more expensive college choices, so we don’t feel like it’s necessary for us to feel obligated to save enough to pay for the most expensive options.

When we get there, when the kids choose college, if we can afford to help more, we probably will. But this already gives them a huge advantage and more options than other students have.

529. I have 1 half way through college and one about to start. I save enough for each to go to school instate and neither is. I should have saved at least another $100k. I didn’t want to save too much but there are other ways to address that. If you don’t go to an in-state school, college is expensive AF. As far as 529, the first step is to see if there’s a tax advantage to using your state’s plan. Some states allow the deduction of contributions from state taxes. If you state has no income tax or doesn’t allow deduction of contributions, then you can use in plan. If this is the case, Vanguards plan is a good option. It’s officially the Nevada plan but anyone can use it.

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Or b-school, I suppose. Not too keen on paying a penalty, but good point that it is an option.

If the money is for your child’s college fund I would use a 529. You can’t open a Ira for your child, it would need to be yours

Congrats

Need to look into earned income rules. Your child can on contribute to an IRA the lesser of their earned income or annual contribution limits. Going to have to wait until their in high school/have an actual job.

I think I'm the only parent not contributing with no plans to. We'll just pay cash when the time comes and I'd rather have flexibility with that money in funds/usage over ~20 years. Maybe I'm crazy.

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