Parents- how much are you saving for your kids? Married mid 30s and family income is around 200k. We both max employer 401k. Have around 30k debt. Lcol and low mortgage. Would you pay off debt- or focus on kids savings? Oldest kid is 7 years out from college and will have some VA benefits.

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How much debt? Retirement savings?

I go high interest debt>retirement>kids>mortgage/ car loans

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If the $30k debt is some low rate loan (e.g. car) I’d start throwing any additional money for the kids. If it’s credit card debt, take care of that first

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You mention $30k in debt and a mortgage. Are those the same or different? You should definitely pay down any high interest debt before saving for college. Your mortgage, especially if it was obtained or refinanced while rates were around 3%, is a different story.

I think the basic rule of thumb on saving for college is it comes behind paying your current obligations and saving for your retirement. That is for a lot of reasons, including that it’s possible your kids will get scholarships or other opportunities that make college more affordable than you might otherwise anticipate. Student debt also just got remarkably more manageable, so there may also be good reasons now to consider financing college over paying for it, independent of ability to pay (and because you can always use that ability to help with loan repayment if necessary but cannot ever claw back money you paid to a college).

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I really didn’t save anything for kids college which was probably a mistake given the 529’s, I opted to fund ESPP and hold those savings or utilize LTI. Additionally am just paying the tuition out of current salary. When they were little it was super expensive and would have been a significant impact to lifestyle

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Pay off the debt

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Mortgage has about 300k left

$15k / year into a 529 for the first 5 years. Go from there

We put just enough into 529 to get the max state deduction then put the rest in Roth IRA through mega backdoor. If we ever get to the point where I can max that we'd consider doing more to 529 but until then having it in Roth instead of 529 gives us more flexibility

They also have custodial brokerage accounts that I match any contributions. Once they have real jobs we plan to contribute to their Roth IRAs to give them a headstart there.

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