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Old 05-04-2009, 09:06 PM
 
663 posts, read 1,092,288 times
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Hi All,

I have a quick question about 529 college plan, is it really worth it? My daughter is four years old, I started this only two years ago so for I have invested $20K. But when I checked my statement over the weekend it was $12k. I lost lot of money, I know the market and every thing is worst now.

I know some of you may have invested more than two years, I like to find out how your 529 is?

The one thing I hate of 529 is I can't manage it, I was told I have to give the money and they will take care of it.

Thanks.
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Old 05-05-2009, 08:18 AM
 
Location: The Pacific NW.
879 posts, read 1,890,890 times
Reputation: 489
Quote:
Originally Posted by samnyc View Post
The one thing I hate of 529 is I can't manage it, I was told I have to give the money and they will take care of it.
That depends on the state. Some state's plans give you more control than others (which can end up being good or bad). Still, federal regulation limits the reallocating of your 529 investments to once a year, I believe. Hopefully, you shopped around for the best plan for you (you can invest in ANY state's plan) and you got it DIRECTLY from the state and not through a full-service brokerage.
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Old 05-05-2009, 10:42 AM
 
Location: Londonderry, NH
41,477 posts, read 57,012,557 times
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I was forced, by low savings interest rates, to put my previous retirement funds into the market. So far I have still made some value but they are now worth about half of what they were in 2007. I resent government policy effectively forcing me to put my savings at risk in the stock market instead of earning money at a steady 3% above inflation.

I suggest we set up a system where savings gets a guaranteed 3% above inflation, home mortgages cost no more then 5%(with 20% down) and car loans and credit cards no more than 12%. The government would manage taxes and spending to draw down the deficit and keep inflation below 1%.

To bring this back to topic college costs would be funded by the federal government with the money to be paid back by a 5% income tax before any deductions on all income.
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Old 05-05-2009, 04:25 PM
 
Location: St Augustine
604 posts, read 4,503,327 times
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I started a 529 for my daughter when she was born (2001) and cancelled it after 1 year. It only had $1200 in it and i had lost $$$. I transferred it over to the prepaid college plan and in 4 years I was done. Both she and my son (paid for with savings) are done and there are no worries. We do a little extra savings but atleast I know that tuition/fees is all paid and can relax.
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