View Single Post
Old 06-14-2011, 02:35 PM
Senior Member
Join Date: Jan 2011
Location: Northern Burbs of the Motor City
Posts: 6,317

Originally Posted by total mayhem View Post
when my oldest was born(graduating high school this year) i asked the accountant for advice on planning for his education.the first thing he said was to put as much as i can into my 401k and if i was able to max it out then to save for my son.his reason was i could never make up the time in my 401k if i waited until later in life to max it out while saving for school and if i had to stop it or lower it while paying for college i would be better off. just something to think about. i wasnt able to do both at the time but now with maxing out the 401k for awhile now and paying off the mortgage i should be able to pay as he goes
X2 on that one. Save as much as you can for retirement if you feel you have done well enough you can scale back contributions to your retirement and contribute to the school fund. I have Roth IRA's I could use "if" the situation presented itself.

However I am a firm believer that you max out all your retirement opportunities first then concentrate on the school fund. This 5K catchup after 50 is a bonus I must admit.

I will admit that I do like the tax write offs on the money contributed to the college savings plan here in Michigan. Nothing like taking deductions off the old tax form.
magua is online now