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How much into a 529
How much do you contribute monthly to a 529 for your kids? I have it through payroll deduction plus any other gifts that are put in. I do $100 a month per kid and just looked at the balance and immediately panicked that I have 16 years left and it’s not going to be enough at what we are contributing!! We are paying off our student loans stilll.. a whopping $1300 a month combined and I don’t want this fir our children. Some of our loans only have another year or so and then we can divide up that into their accounts too... just scary to think about
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Posted 2/21/19 5:09 AM  |
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Long Island Weddings
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Shroggie
Don't Worry...Be Happy
Member since 5/06 6261 total posts
Name:
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Re: How much into a 529
We only do $50/month per kid. I know it won’t be enough in 11/12 years when we need it but it’ll help supplement a little.
I put 15% into my 401k and also have a savings account that I would rather put my money to.
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| Posted 2/21/19 6:25 AM |
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How much into a 529
We do $200 month per kid for 3 kids, but only bc we also max out our 401k and have a cushion in savings. If we weren’t doing that, it would be our priority to save for retirement.
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| Posted 2/21/19 8:18 AM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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How much into a 529
I have no clue how much we put in but it’s minimal. We have combined close to 3k in student loans a month and every financial planner out there will tell you to pay off your debts first so that is our goal.
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| Posted 2/21/19 9:07 AM |
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PitterPatter11
Baby Boy is Here!
Member since 5/11 7618 total posts
Name:
Momma <3
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How much into a 529
Retirement should be your first concern not your child’s college funding. There are loans for college. There are no loans for retirement.
With that said, there have been a few years that we have maxed it out for tax benefits. We only have one DC and max out our retirement first and then put whatever extra we have towards the 529.
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| Posted 2/21/19 9:15 AM |
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babydreams21
LIF Adult
Member since 12/12 3656 total posts
Name:
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How much into a 529
We put $100 a month into the 529 for our 4 year old son. We have a separate savings account for him that we put $100 in a month. We will eventually put in more when he is in kindergarten and we have less daycare expenses.
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| Posted 2/21/19 9:25 AM |
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Re: How much into a 529
Posted by PitterPatter11
Retirement should be your first concern not your child’s college funding. There are loans for college. There are no loans for retirement.
With that said, there have been a few years that we have maxed it out for tax benefits. We only have one DC and max out our retirement first and then put whatever extra we have towards the 529.
We are both state employees with pensions- that means nothing in 20 years if something happens so we each have multiple retirement accounts my husband has like 3 and I have 2, we both contribute the max for the year this is our second year contributing the max prior we couldn’t afford it. We have an emergency fund and then save some money every month after all these other things.... who knows what I guess 16 years will hold for all of us but it’s stressful to think about knowing the position loans put us in :-/
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| Posted 2/21/19 9:43 AM |
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lululu
LIF Adult
Member since 7/05 9509 total posts
Name:
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Re: How much into a 529
We do $10k per year split between 3 kids so it's not enough but it's something. Hopefully one or two of them will go to state schools!
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| Posted 2/21/19 10:13 AM |
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jamnmore
LIF Adult
Member since 6/16 989 total posts
Name:
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How much into a 529
I put aside nothing for college. Which is what my mother did for me. I worked to help pay for my college education and took out a small amount of loans. College is a choice, not a mandate. If my son wants to go, he can figure out how to pay for it.
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| Posted 2/21/19 10:13 AM |
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Tulip9
LIF Adolescent
Member since 2/14 597 total posts
Name:
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Re: How much into a 529
my Dad thankfully out in about 4k a year in each of my children's - we put in around 100 a month in each child's
I worry about retirement I put about 20 percent of my income away for retirement and my company puts 10 percent in- but I still think it's not enough.
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| Posted 2/21/19 10:23 AM |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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How much into a 529
Nothing!
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| Posted 2/21/19 10:35 AM |
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PitterPatter11
Baby Boy is Here!
Member since 5/11 7618 total posts
Name:
Momma <3
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Re: How much into a 529
Posted by TwinMommyToBoys
Posted by PitterPatter11
Retirement should be your first concern not your child’s college funding. There are loans for college. There are no loans for retirement.
With that said, there have been a few years that we have maxed it out for tax benefits. We only have one DC and max out our retirement first and then put whatever extra we have towards the 529.
We are both state employees with pensions- that means nothing in 20 years if something happens so we each have multiple retirement accounts my husband has like 3 and I have 2, we both contribute the max for the year this is our second year contributing the max prior we couldn’t afford it. We have an emergency fund and then save some money every month after all these other things.... who knows what I guess 16 years will hold for all of us but it’s stressful to think about knowing the position loans put us in :-/
Both my DH and I have pensions. Mine is a state pension while his is a private corporation (he’s one of the last to qualify for it). Like you, we try to not take the pension into account while planning retirement.
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| Posted 2/21/19 8:20 PM |
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PitterPatter11
Baby Boy is Here!
Member since 5/11 7618 total posts
Name:
Momma <3
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How much into a 529
I’ll also add my parents put no money aside for me for college. I went to a state university and took out loans. My DH’s parents saved enough for him to go to a state school. It definitely set us up to be in a good place when we got married as we weren’t strapped with huge college debt.
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| Posted 2/21/19 8:23 PM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Re: How much into a 529
Posted by Shroggie
We only do $50/month per kid. I know it won’t be enough in 11/12 years when we need it but it’ll help supplement a little.
I put 15% into my 401k and also have a savings account that I would rather put my money to.
Same here. Right now we do $50 a month per kid. We have debt we're trying to pay off plus we put $$ into our 401Ks. Honestly unless my DDs get significant scholarships I'm hoping they do state college and we will cash flow what wasn't covered with their 529s.
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| Posted 2/21/19 9:42 PM |
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ChilisWife
God Bless America
Member since 5/05 3571 total posts
Name:
A.K.
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Re: How much into a 529
With private colleges costing 50K-70K per year, no 529 plan is going to save us. We don't have one because we have to pay our regular bills right now. When they go to college, we will help them to whatever extent we can at the time. However, I am hoping they can get into a good SUNY school because I see no value in encouraging them to take out a quarter million dollars in loans that they will never be able to pay back.
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| Posted 2/21/19 11:05 PM |
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jlm2008
LIF Adult
Member since 1/10 5092 total posts
Name:
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How much into a 529
None. Save for your retirement . Kids should be paying their own way to college.
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| Posted 2/22/19 10:10 AM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: How much into a 529
Up to this point (my kids are 10 and 5) we haven't put away much of anything for their education. However, my DH just got a promotion that comes with significant stock options so down the road that is what we will tap to pay for college.
I know we don't HAVE to pay for their education but having had the experience ourselves of being burdened under debt and the mental toll that takes, we really would like to do this for them so that they can start off their adult lives without any financial stress. 
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| Posted 2/22/19 10:22 AM |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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Re: How much into a 529
Posted by ChilisWife
With private colleges costing 50K-70K per year, no 529 plan is going to save us. We don't have one because we have to pay our regular bills right now. When they go to college, we will help them to whatever extent we can at the time. However, I am hoping they can get into a good SUNY school because I see no value in encouraging them to take out a quarter million dollars in loans that they will never be able to pay back.
There are plenty of affordable schools out there too. When I was choosing a college I wanted a “big name” but now realize 99% of the time it just doesn’t matter!
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| Posted 2/22/19 10:34 AM |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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Re: How much into a 529
Posted by Hofstra26
Up to this point (my kids are 10 and 5) we haven't put away much of anything for their education. However, my DH just got a promotion that comes with significant stock options so down the road that is what we will tap to pay for college.
I know we don't HAVE to pay for their education but having had the experience ourselves of being burdened under debt and the mental toll that takes, we really would like to do this for them so that they can start off their adult lives without any financial stress.
Hofstra, is your family moving? I know you’ve been looking!
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| Posted 2/22/19 10:35 AM |
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LuckyStar
LIF Adult
Member since 7/14 7273 total posts
Name:
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How much into a 529
We don’t have much saved specifically for college. We will likely just pay it when she goes or take out parent loans if we can’t. I have no idea where we’ll be financially in 15 years.
I was raised in a house where the mentality was no one helped my parents so no one would help me. And they didn’t. I’ve never seen a nickel from my parents, not for college, not for anything. Ever.
Well, there have been times where some financial help would have been hugely beneficial. So eff that. I will help DD as much as humanly possible. I don’t want DD going through life at a constant step behind to prove some point.
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| Posted 2/22/19 10:51 AM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: How much into a 529
Posted by Katareen
Posted by Hofstra26
Up to this point (my kids are 10 and 5) we haven't put away much of anything for their education. However, my DH just got a promotion that comes with significant stock options so down the road that is what we will tap to pay for college.
I know we don't HAVE to pay for their education but having had the experience ourselves of being burdened under debt and the mental toll that takes, we really would like to do this for them so that they can start off their adult lives without any financial stress.
Hofstra, is your family moving? I know you’ve been looking!
Yes! Everything happened so quickly I haven't had a chance to process it or post about it. LOL
We had been hoping to relocate to the New England area however, my DH was offered a really great promotion at one of his company's locations in NJ so that is where we are headed. He will be working in Avenel, we will be living in the Bedminster/Basking Ridge area. We're very excited.
Thanks for asking and sorry to hijack the thread. 
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| Posted 2/22/19 11:34 AM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19457 total posts
Name:
L
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Re: How much into a 529
We dont have 529 accounts because there are no tax benefits for them in NJ, we do have other accounts though. We save 100 per month per kid and it will not be enough to pay for college in full for both of them. I had loans and I paid them off. I do think making my kids understand from a young age that college is expected, they need to contribute, and this is why we are saving is very important.
I still need to pay for bar and bat mitzvahs. It is very expensive.
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| Posted 2/22/19 2:36 PM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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How much into a 529
Right now we are doing $200/month, and any money she gets for her birthday or Christmas goes right in there as well. My parents also have a 529 set up for DD that they add to. They get one small gift for Christmas and birthdays, and make 529 contributions for the remaining. I still do not know what they have put in, but I don't think we have to worry much.
Also, I'm shocked at how many people are saying they won't save for their children because their parents didn't save for them. If my parents didn't help me with my college, we would not have been able to put 20% down on our home. Student loans would have prevented me from saving for a down payment, and would have resulted in us paying PMI, which I wanted to avoid. Dh's parents helped him out a bit, and he had about 15k in loans after college. After our wedding, we paid off the remaining 6-7k he had.
I think years ago, college was still a "choice" and not really a 100% necessity. Now, most need master's degrees.
Message edited 2/22/2019 4:08:36 PM.
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| Posted 2/22/19 3:59 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: How much into a 529
I will start by saying that my Mom paid for my college and my husband had minimal loan debt.
I think it's important for us to pay for our children to receive a college degree and to help with that expense. Not to say that our help is open ended. At the time we will figure out most economical way to make that happen if it means 2 years of community college and state school or kids working during school in some capacity (I was an RA).
We hope to have enough saved to cover a SUNY school.
They will be on their own for weddings though!
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| Posted 2/22/19 5:24 PM |
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amac27
LIF Toddler
Member since 8/09 471 total posts
Name:
A
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Re: How much into a 529
Posted by jamnmore
I put aside nothing for college. Which is what my mother did for me. I worked to help pay for my college education and took out a small amount of loans. College is a choice, not a mandate. If my son wants to go, he can figure out how to pay for it.
I disagree with this. To get a decent job in today's current market, college it not a choice- it is a requirement. Even the trades require some form of trade school.
Message edited 2/22/2019 5:26:36 PM.
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| Posted 2/22/19 5:25 PM |
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