I went with Nevada just for simpler access within the Vanguard website.
Like PoF, I am funding ~$1000/month ($12000/year) until it gets to a point where I feel the 529 is overfunded.
I am probably too conservative to rely solely on the 529 for education so will likely err on the side of underfunding it and continuing to work (hopefully in a part time capacity) come college / graduate school age.
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thank you for your answer in fact both Ny and Vanguard were the two plans I was comparing and trying to figure out if one is better than the other! I think I'm leaning more towards NY for the higher ranking it has.Leave a comment:
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Nevada is popular for the Vanguard options / low fees. I believe Utah and New York's plans are popular as well.
How much to give? You've got about 16 years to fund it. There are too many variables to give you a right answer, but in my opinion, it's better to overshoot when starting early. You can always stop contributing at some point if you've reached or exceeded your savings goal. I put in $10,000 a year for each of two boys; I started at $5,000 each but have upped it in an effort to meet our savings goals for the 529 accounts prior to retirement.
Best,
-Physician on FIRELeave a comment:
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choosing 529
Hi, this might have been asked here before but I still couldn't find the best answer for us yet.
we live in Minnesota where there's no tax break for 529 plan. our son is turning 2 soon and I feel we should start a college fund for him but I really don't know what to choose since my state is not gonna benefit us in taxes. I looked up the plans on www.savingforcollege.com and I'm still a little confused on how to choose... any specific recommendations you can give us please? and also how much should we contribute at this point of his age if we want to cover at least his college tuitions.
thanks
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