{ "media_type": "text", "post_content": "Please share ideas to save for kids’ education.\n\nWhat's a good saving amount to target? Assuming kid is 10 years to start the college.\n\nWhat’re the possible savings options?", "post_id": "61072449c5200d002fdec69c", "reply_count": 8, "vote_count": 1, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

Please share ideas to save for kids’ education. What's a good saving amount to target? Assuming kid is 10 years to start the college. What’re the possible savings options?

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529 plan

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1. 529 2. Roth for Minors 3. Taxable accts. You should max out your savings/retirements accounts before your kids 528 Those calculators are also just best guess. So what you can, any shortfall they can cover with financial aid.

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Echo the above. Our accounts are at fidelity and we also use their CC to deposit the 2% cash back directly in to the 529s. Provides extra passive contributions

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I used a 529 plan. You can use an online calendar an estimate the total cost and then figure how much to put in each year

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In addition to 529s you can set up a Roth IRA for your kid provided they're legally earning income, and can contribute as much as they're earning up to $6k/year. Same tax benefits and more versatile than 529s, though you need to make sure you're correct on taxes and you won't qualify for any state tax deductions the way you would with 529 contributions.

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529 period. Contribute as much you wish (within State max tax benefit amount) after you contribute to your retirement, emergency fund and short term savings.

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If you're a high earner, it's likely you won't qualify for financial aid, so you'll want to save as much as you can. You need to decide if you're trying to fully fund your kid's education. Or do you expect them to pay for some? Would you cover a private college, or do you expect a State school with some scholarships. If you haven't already, take a look at college costs over the last 5 years and do your best to project what it might cost 10 years from now. Lastly, remember that you don't need to have everything saved by freshman year, as tuition bills will continue until spring semester of Senior year. You could also choose to help them pay off student loans (my parents covered my interest while I was in college for as long as they could so the amount didn't grow).

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Google: 529 vs utma vs coverdell

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