Timeline for 529 vs IRA for kids education and future scholarship
Current License: CC BY-SA 4.0
9 events
| when toggle format | what | by | license | comment | |
|---|---|---|---|---|---|
| Dec 10, 2019 at 20:48 | comment | added | stannius | @farnsy If the student withdraws the money to pay for college, won't that count as student income, which is counted most heavily in the EFC calculations? | |
| Dec 10, 2019 at 20:37 | comment | added | stannius | Whoever told you an absolute rule like "a single penny in a 529 plan will make your kid ineligible for scholarships" is an idiot and should stop giving advice. | |
| Dec 5, 2019 at 23:24 | comment | added | Harper - Reinstate Monica | @farnsy I came here to write that comment. Spot on! Suppose they wake up to the need for retirement savings at age 32, except you funded it at age 4. That 28 years will see their IRA sixteen-tuple, based on a rough armwave. If at all possible find a way to make it Roth. | |
| Dec 5, 2019 at 17:45 | comment | added | farnsy | Your absolute best is a Roth IRA in the child's name, but in order for them to have an IRA or Roth IRA, they need to have earned income of at least as much as is being deposited in the IRA. For preschoolers, this may be difficult. Starting at maybe 8 they can be employed by you if you own your own business and they can do something useful. Otherwise you are limited to when they are teenagers and can get real jobs. Child labor laws strike again. | |
| Dec 5, 2019 at 15:03 | history | became hot network question | |||
| Dec 5, 2019 at 15:00 | history | tweeted | twitter.com/StackFinance/status/1202603663153385475 | ||
| Dec 5, 2019 at 14:07 | answer | added | Nosjack | timeline score: 11 | |
| Dec 5, 2019 at 10:44 | answer | added | JTP - Apologise to Monica♦ | timeline score: 4 | |
| Dec 5, 2019 at 5:20 | history | asked | msgboardpana | CC BY-SA 4.0 |