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College Savings - 529 plans

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It was SO simple back in my day. There were no tuition fees in early 90's Britain, and I even got a grant for living expenses!

But that was then. Now I'm here in the States, have a baby daughter and I'm looking to start her college fund. Colorado's 529 offers a tax deduction - but I'm still interested in what's available elsewhere. Anybody got any recommendations? Is your plan performing well, or should I avoid it like the plague?

Any tips would be gratefully received - with so many to choose from, it does seem a minefield.

Cheers

N

Edited by N M

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Check your college savings plans. A private (Edward Jones, or someone like that) will hold one for you to invest in at intervals and amounts that are convenient to you. (I've always matched birthday money, and been on auto draft) They may not be tax deductible all the time, but they are transferable, (to you, another child, etc, if no college is used, or if needed for another financial emergency), and YOU are listed as the owner and trustee. That means your child can not run off with the money at 18 and buy a Corvette, like she can on some plans. Some State supported plans may not be as easily transferred or may have restrictions to get you to stay in state for school. I must say they are tempting, as you may only pay the going rate on tuition, but an advisor will be able to figure the rate of return, and you may be able to do just as well in stocks, bonds, and mutual funds with a broker. Many State plans are bankrupt, now, as well. That combined with not being as transferrable to unforeseen future needs, led me to open private accounts.

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There's a financial guru here in ATL who has an extensive list of 529 plans and which states are the best to invest with on his website: www.clarkhoward.com and then do a search for 529 plans. Hope that helps!

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Thanks CanadaLove!

Kutakendra - To be honest, I'm confused by a lot of your comments. As far as I understand State 529 plans are transferable to other (family member) beneficiaries, if the original intended beneficiary doesn't go to college. Am I wrong on that? Also I thought 529 plans had strict rules to make sure they are used for education - rather than (as you say) buying a Corvette.

As for many State plans being bankrupt??! Which ones?

11-24-2006 Annette and I meet in Rome

09-09-2008 Engaged!

01-30-2009 Fiance petition filed

03-22-2009 Fiance petition approved. Case moves to U.S. embassy in London

04-01-2009 Package received from U.S. embassy in London

06-01-2009 Visa Medical (London)

06-23-2009 K1 Visa Interview (London)

06-27-2009 Passport returned by embassy. K1 Visa received!!

07-04-2009 Fly to Denver (port of entry - Houston, TX)

07-25-2009 We are married (the joint happiest day of my life)

08-07-2009 Social Security number obtained

08-20-2009 AOS, Advanced Parole and Employment Authorization forms filed

09-24-2009 Biometrics appointment (Aurora, CO)

10-05-2009 Advanced Parole received

10-09-2009 Employment Authorization received

10-13-2009 Colorado Learner's permit obtained and driving test scheduled

10-21-2009 Driving test taken and passed

11-30-2009 Green Card Interview (Centennial, CO)

12-08-2009 Green Card received

01-04-2010 Employed

01-28-2011 Our daughter is born (the other happiest day of my life)!

11-21-2011 Filed for Removal of Conditions

12-28-2011 Biometrics appointment (Aurora, CO)

03-16-2012 Card production ordered

03-23-2012 Card received

09-04-2012 Application for Naturalization filed

10-05-2012 Biometrics appointment (Aurora, CO)

12-11-2012 Naturalization Interview (Centennial, CO)

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