Dash man
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We have six 529 college savings plans. Three for grandkids ages 7, 6 and 6. All three have around $100k each in their 529 accounts. We also have two nieces ages 12, 3 months, and a nephew age 4. Their accounts are about $25k, $5.5k and $18k. We currently contribute $500/month to the grandkids accounts and $250/month to the others.
We are considering, since our finances are doing well, contributing a lump sum to each account and stop the monthly contributions. Our goal for the grandkids is to have a nest egg of $300k and about $100k for the others. We know we need to give the oldest a nice bump to get there with only six years to go.
Is giving a lump sum or keeping the monthly contributions a better path. We can use some cash from our money market account or use a mature T-bill or CD, so no tax will be incurred funding the accounts in a lump sum.
Any thoughts on this?
We are considering, since our finances are doing well, contributing a lump sum to each account and stop the monthly contributions. Our goal for the grandkids is to have a nest egg of $300k and about $100k for the others. We know we need to give the oldest a nice bump to get there with only six years to go.
Is giving a lump sum or keeping the monthly contributions a better path. We can use some cash from our money market account or use a mature T-bill or CD, so no tax will be incurred funding the accounts in a lump sum.
Any thoughts on this?