Parents - Target amount for your kids 529/college fund? Just started one for my 4 month old now (threw in 7k to start)

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likefunny

Very helpful.

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529‘s received inferior tax treatment relative to 401(k), IRA, or HSA. If you aren’t maxing out all of those, including back door and mega back door options if available, you are leaving money on the table. Save for retirement first, and then for your kids education. You can take loans for the latter but not the former. Also, it’s all one big pot of money. You can take student loans as an interim solution, and then pay yourself back from retirement savings once you come of age. And you won’t leave a bunch of tax money on the table.

likesmart

K1 - You can’t take loans for retirement. Old dead people are bad at paying back loans.  And you’re missing the point entirely. Use the retirement vehicles to save for your children’s education. 

I have $10k and I am contributing more now that I am debt free except for my mortgage... My son is 5 now.... I invest 20% of my gross in my 401k and pay more for my mortgage. The rest I throw in his 529...

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I’m hoping to drop 20-30k to start up the account and then 1200 a month per kid for 18 years

My wife and I have tried to do 1,000/month for each, but with 3 kids and all the ups and downs of our careers, it’s probably averaged 8K annually.

likeuplifting

So funny to read all these posts. People in most other countries don't have to worry about that at all.

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I would start asking yourself how much education are you willing to pay for? Just undergrad? Masters? Personally, I have averaged the cost of tuition of schools around me plus housing. Add that up and divide by the expected number of months that you plan on saving.

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And add lots of compounding years of interest ....

funny

I'm putting in $600/month for my now 2.5 year old, he's at ~$11k now. I don't have a target amount by the time he graduates, but he'll hopefully qualify for scholarships that can cover any potential shortfall. Both my wife and I were lucky enough to qualify for academic scholarships when we went to college, a full ride for me and a 3/4 ride for her, so we're hoping he gets some of our academic genes. If there is indeed a shortfall between the 529 and any non-loan aid he gets, we'll cover the difference for undergrad to make sure he graduates debt free, but he's on his own for any potential grad school.

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We are putting $500 in each of our kid's 529 plans. Instead of playing the stock market, we chose to lock in the college credits so we need something like 96 credits to pay for 4 years of college. That doesn't include room and board, books, fees, etc. so it's more like 2 years of college fully funded which is a compromise we made. My husband had to pay his way through college and my parents paid for mine. It's really up to you and your partner to decide how much you are comfortable with saving.

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I have 3 kids...10, 8, 5. $250,000 currently in the 529.

smart

Lmaoo yes 0 So far

My target was $150k for each kiddo by the time they hit undergrad. My soon to be 7 year old is a hair below $90k and my 5 year old is at $56.5k so feel pretty good in hitting that mark for both

We have 2 kids and put in about $1000 per month combined. Target amount depends on what kind of school you expect your kids to go to and how much you are willing to cover. For now, we are assuming private college, so we don’t have a set target to get to - I don’t think we can even put enough in to cover it all 🤷🏻‍♀️

What about life insurance

What about it?

funny

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