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Thu 21 Sep, 2006 06:16 pm
I am thinking of starting a Section 529 college savings plan, and am seeking a good rational procedure for determining which State plan is best - or is the Federal plan better than all of them? What is the most important thing to look for? Is there any literature that groups them according to a specific variable, such as "taxed" or "tax exempt," etc.?
Great question! I hope you get some responses as I'm looking for the same advice on the financial thread. I went with the New York plan because it had low maintenance fees.
I'm wondering this m'self.
More than likely, opening up a mutual fund will be a better idea than a college saving plan.
College saving plans are very rigid in the thier terms, both for financing the plan and for how the plan can be used. A mutual fund can be funded as you see fit, you can diversify with different funds, and, most importantly, the money can be used however and wherever you need it to be used.
Someone mentioned to me that opening up a Roth IRA would be better. Any thoughts??
Does anyone know if a 529 can be opened up if the child was not born in, and is not living in, the United States?
My girls have them and they're tied to their SS#. I don't know that that's mandatory for a 529, but is this child a US citizen with a SS#?
I'll have to ask (he's our younger nephew).
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