yeah that 529 roth ira option counts as contributions so its not that great of a deal. You can't just lump sum the whole 35k (max) leftover still only 7k a year.
I have two kids in college that will graduate debt free paid with their 529 funds. I can't believe I am also considering NOT touching any of my Roth 401k and Roth IRA accounts, so I can pass it onto them tax free. At what point do you quit being a parent........
So can to he still put money into 529 and come time for college the GI bill is considered a scholarship, so he could withdrawal the cost even if full amount or half if he has another kid to split it with, or use full 529 to cover the other half of college if GI bill only covers 50% for each???? Just not sure if the GI bill is considered differently than a conventional scholarship to be able to withdrawal the funds in the 529 tax free if you only have 1 child and don't need the 529, and can only roll over a small amount to a Roth if not....
Gi bill is a scholarship in the eyes of school and the law. Also they will get about 1200 to 2k in a tax free monthly income from the gi bill. I suggest he not save much for them and apply themselves. The wife should be using the gi bill to improve her situation and get the income now. Also the run around can be done with the 529 being putting money in there and pulling for housing and even tuition. If you pay it upfront with the financial aid office. Creating a surplus and getting a tax free transaction. 🙌
The kid is doing well. My suggestion as a veteran with a few million net worth. Is he not save for the kids and save for himself and wife. The plan will be ever changing. IE one kid to two then next thing you know 5. All military plan to do 20 years but things happen such as injury or maybe even a forced vaccination that will make us leave. The wife should be using his gi bill to help grow their net worth and her education. He should also be using his TA to get a degree or an MA. The military if done right can benefit you. I heard nothing of a 3 to 6 months of savings nor a housing fund which should have been asked by the hosts. Also he isn't doing the full 15% for savings which you caught him on. Just an all around bad session with the guys. 90k is OK while in the military especially not worrying about Healthcare but once you leave and you don't have a medical retirement or pension 800 bucks a month is tough. Again the troop needs a talking too.
How would having a government pension change your investment calculations? How should teachers and other state employees on these plans invest their money for maximum wealth?
yeah that 529 roth ira option counts as contributions so its not that great of a deal. You can't just lump sum the whole 35k (max) leftover still only 7k a year.
I have two kids in college that will graduate debt free paid with their 529 funds.
I can't believe I am also considering NOT touching any of my Roth 401k and Roth IRA accounts, so I can pass it onto them tax free.
At what point do you quit being a parent........
So can to he still put money into 529 and come time for college the GI bill is considered a scholarship, so he could withdrawal the cost even if full amount or half if he has another kid to split it with, or use full 529 to cover the other half of college if GI bill only covers 50% for each???? Just not sure if the GI bill is considered differently than a conventional scholarship to be able to withdrawal the funds in the 529 tax free if you only have 1 child and don't need the 529, and can only roll over a small amount to a Roth if not....
Gi bill is a scholarship in the eyes of school and the law. Also they will get about 1200 to 2k in a tax free monthly income from the gi bill. I suggest he not save much for them and apply themselves. The wife should be using the gi bill to improve her situation and get the income now. Also the run around can be done with the 529 being putting money in there and pulling for housing and even tuition. If you pay it upfront with the financial aid office. Creating a surplus and getting a tax free transaction. 🙌
The kid is doing well. My suggestion as a veteran with a few million net worth. Is he not save for the kids and save for himself and wife. The plan will be ever changing. IE one kid to two then next thing you know 5. All military plan to do 20 years but things happen such as injury or maybe even a forced vaccination that will make us leave. The wife should be using his gi bill to help grow their net worth and her education. He should also be using his TA to get a degree or an MA. The military if done right can benefit you. I heard nothing of a 3 to 6 months of savings nor a housing fund which should have been asked by the hosts. Also he isn't doing the full 15% for savings which you caught him on. Just an all around bad session with the guys. 90k is OK while in the military especially not worrying about Healthcare but once you leave and you don't have a medical retirement or pension 800 bucks a month is tough. Again the troop needs a talking too.
How would having a government pension change your investment calculations? How should teachers and other state employees on these plans invest their money for maximum wealth?