Savings Plans for College

[bjcheung77]

529 plans vs Roth IRAs, here's an article that explains and weighs the differences between the two.  You'll be able to find out which suits you more and get a little more details or information in regards to what these would do...  My suggestion is to "save" up for school at a younger age with a small budget, something like 50-100/month if possible, by the time you're starting college, you'll have "some" cash for school then...

Link: 529 Savings Plan vs. Roth IRA for College (investopedia.com)

[rachel83az]

Even without interest, $50/mo. for 18 years would be almost $11k. Enough for a Big3 degree!

[Alpha]

I have a 529 plan for my daughter.  I don't think the interest rate is particularly good but it's a convenient way to put aside pre-tax dollars for school.

[bjcheung77]

Even without interest, $50/mo. for 18 years would be almost $11k. Enough for a Big3 degree!

I have a 529 plan for my daughter.  I don't think the interest rate is particularly good but it's a convenient way to put aside pre-tax dollars for school.

Exactly, either a Big 3 degree or a CBE degree from UMPI/WGU. I am saving about $50/month for each child and just started doing that in early 2021, by the time they graduate high school, they'll have close to the amount we would want saved up to get them started on their educational journey.

[ReyMysterioso]

If you live in Louisiana, the state-backed Louisiana START 529 will match your contributions up to 2%-14% (depending on your income bracket). A portion of the funding is guaranteed by the state and safe from loss due to market volatility. Additionally, you can write off any contributions up to $4800 per year from your Louisiana state income taxes. I started one for my stepdaughter this past year and should essentially get all of my state income tax withholding refunded (which I will then put right back in the 529.)
You have to be a resident to start a Louisiana START 529, but you do not have to remain a resident to keep contributing or to use the funding. The beneficiary can be anyone at any age with a social security number. You can start one for yourself.
Any adult or legal entity can open an account for any beneficiary. You don't even have to be related, although you lose the tax advantages if they are not a relative. The categories of relatives are very wide. It can be a grandkid, stepkid, first-cousin, in-law, descendant of an in-law etc.

Imo, it's the best 529 out there - provided you're a Louisiana resident.