Hello Bogleheads:
My son is 2 and half years old now and the 529 account balance is ~12,000. I currently contribute $500 monthly.
By reading below from CNBC:
"Using your kid’s current age in years, multiply that number by $3,000 if they plan on attending an in-state, four-year, public college; by $6,000 if they plan on attending an out-of-state, four-year, public college; and by $8,000 if they plan on attending a private, non-profit, four-year college."
For in-state public college: 2.5 years x $3,000 = $7,500
For out-of-state public college: 2.5 years x $6,000 = $15,000
For private college: 2.5 years x $8,000 = $20,000
What do think about above model to calculate the total contribution?
Just wondering if I continue to contribute $500 monthly, at what point should I stop?
By the way, my 2.5 years boy will be the only person to use the 529 plan (unless transfer to next generation).
Thank you very much!
My son is 2 and half years old now and the 529 account balance is ~12,000. I currently contribute $500 monthly.
By reading below from CNBC:
"Using your kid’s current age in years, multiply that number by $3,000 if they plan on attending an in-state, four-year, public college; by $6,000 if they plan on attending an out-of-state, four-year, public college; and by $8,000 if they plan on attending a private, non-profit, four-year college."
For in-state public college: 2.5 years x $3,000 = $7,500
For out-of-state public college: 2.5 years x $6,000 = $15,000
For private college: 2.5 years x $8,000 = $20,000
What do think about above model to calculate the total contribution?
Just wondering if I continue to contribute $500 monthly, at what point should I stop?
By the way, my 2.5 years boy will be the only person to use the 529 plan (unless transfer to next generation).
Thank you very much!
Statistics: Posted by fred2017 — Wed May 29, 2024 12:42 am — Replies 0 — Views 62
