We are a dual high-income household with two kids, ages 11 and 7. We plan to cover 100% of their college expenses, including room and board, at a private university. Currently, we have $185K saved in a 529 plan for the 11-year-old and $90K for the 7-year-old. The older child will start college in 2030, and the younger one in 2035.
Our current investment allocation is 60% in an S&P 500 equivalent and 40% in a total stock market index. We have enough assets for retirement, max out our 401(k) and Roth IRA, and contribute to a taxable account before adding to the 529 plans.
My question is: Will the current balances in our 529 plans be sufficient to cover the costs of a private university if we stop contributing now, or should we continue to contribute more?
Thank you for your insights!
Our current investment allocation is 60% in an S&P 500 equivalent and 40% in a total stock market index. We have enough assets for retirement, max out our 401(k) and Roth IRA, and contribute to a taxable account before adding to the 529 plans.
My question is: Will the current balances in our 529 plans be sufficient to cover the costs of a private university if we stop contributing now, or should we continue to contribute more?
Thank you for your insights!
Statistics: Posted by RickScottS — Fri Aug 09, 2024 10:42 pm — Replies 4 — Views 540