Financial Advisors ????

[Ksig512]

I got a few questions to ask about savings for a new baby due the end of Oct.

[Walker]

I did savings bonds. Interest isnt all that great but is tax free if used for college.

[Ksig512]

I did savings bonds. Interest isnt all that great but is tax free if used for college.

I was thinking that also. I have had some people tell me 529 savings plan is the way to go also. I just don't know.

[Buckley99]

I was thinking that also. I have had some people tell me 529 savings plan is the way to go also. I just don't know.

We pair a 529 with an UTMA account for both my boys. You get the tax benefits of both but greater flexibility. The balance at which you use both is somewhat of a judgement call.

Good luck!

[Micahbo]

We just opened a 529 for my son. With the new tax laws, you can use a 529 for K through 12 grades if you needed it. They are also able to be transferred to family members in case college or trade school isn't in the cards.

[timoub007]

Like has been said already, a 529 plan is a good option. I recommend that you also look into the Texas Tomorrow Fund if you are confident that your child will go to a Texas college. We paid for the equivalent of 4 years of college 10 years ago when my kids were born so there will be no inflation on their tuition for the 18 years it takes them to get to college. We're doing 529 too.

Tim

[TxAg]

It's great if you can fund college, but make sure you fund your retirement first. Nobody gives loans for retirement.