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529 plans?

Does anyone use these for their child's college savings? How did you decide which was the best one for you?

Answer Question
 
katiemomNY

Asked by katiemomNY at 6:27 PM on Jul. 3, 2011 in Money & Work

Level 25 (24,429 Credits)
Answers (4)
  • I did some online research looking at trusted websites and seeing what reviews different ones were given. We are military so I didn't want to choose based on the state we were currently in. I like UT's and if you are a USAA member they have a good one too.
    DevilInPigtails

    Answer by DevilInPigtails at 7:27 PM on Jul. 3, 2011

  • No we don't. My DH and I will be able to use our IRA's when DD needs to go to college. We had a financial planner advise us the best way to go.
    nova.mommy

    Answer by nova.mommy at 7:32 PM on Jul. 3, 2011

  • Yikes! I would keep my IRA's for my retirement, not the kids college fund.

    I think 529's can be a good option depending on which state you live in. We went with an ESA though. Works a lot like a Roth IRA- with the growth being tax free as long as it is used for college expenses.
    Erica_Smerica

    Answer by Erica_Smerica at 7:58 PM on Jul. 3, 2011

  • My Hubby works for Wells Fargo, andhe says 529''s are the biggest waste..they really amount to nothing more than a savings account, the interest isn't even great, your better off going with like a monty market or something with higher interest and if need be when rates drop then you can move the money around...IRA's are NOT a BAD idea depending on what the rest of your savings and income look like.
    Happymom2-2

    Answer by Happymom2-2 at 6:27 PM on Jul. 4, 2011

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