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Thread: Talk To Me About 592 Plans!

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    #1

    Talk To Me About 592 Plans!

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    What do I need to know?

    With my student loans now gone DH and I have been looking at what to put our extra money towards. We had been putting money away to pay the loans off so now we just have a big chunk of change chillin' that we need to do something with. From what I have been reading we could open 529 plans with us as the beneficiaries and then once we have kids we could switch them over to the beneficiary. I figure why not get a head start on our kid's college funds.

    Has anyone done this? Anyone have any experience with the plans? Any advice?
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    Are you planning on having children and are you maxing out both your Roth/standard IRAs?
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    Quote Originally Posted by Guynavywife View Post
    Are you planning on having children and are you maxing out both your Roth/standard IRAs?
    DH's Roth is maxed out and we will have the money to max out my Roth IRA once I start working next month. We just can't contribute to it right now since I have no income. We are planning to have kids soon which is why I figured we might as well start saving.

    It looks like a lot of people like Utah's 529 since they have pretty low fees. NC's would be tax deductible but we will lose that deduction in 3 years due to the income requirements. So I am thinking it probably is not worth doing NC's. There are just so many options!
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    #4
    We have WV's 529. It was the one DH's financial guy recommended 7 years ago, but I can't remember the details of why.
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    #5
    A big chunk of my college was paid for with a 529. The nice thing about them (in my case at least) is (unlike many scholarships) in addition to tuition, you can use it for books, food, housing - anything school related

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