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Home > Opened Bean 2's 529 today

Opened Bean 2's 529 today

December 2nd, 2009 at 09:03 am

Bean 2's SSN arrived today. That was super fast. So, I opened his state 529 plan today. I am going to fully fund it this month, up to the $2,000 state tax deduction. About $1500 of it will come from savings.

We also have a second brokerage account for the Beans, where we add another $2,620 a year for each of them for college. My goal is also to put 2009 money in for Bean 2. (Bean 1 is funded for the year), with as much coming from regular income as possible. It's likely about half will have to come from the savings account.

Our goal is to have $100,000 for each of them for college when they reach 18. We came to the magic number --$4620 a year-- by assuming a conservative 2 percent return on investment. We sure don't have much faith in the market, do we??

3 Responses to “Opened Bean 2's 529 today”

  1. Joan.of.the.Arch Says:

    Ahwwe! Bean 2 has his very own education account! But I'm sure he and Bean 1 are going to learn so much from such a smart Mom. Smile

  2. thriftorama Says:

    You sure are a sweet talker Joan!

  3. Broken Arrow Says:

    That terrific, congrats!

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