Yes, we have saved absolutely nothing for college. No 529 account of any kind.
Child #1 – graduates in 2026
Child #2 - graduates in 2028
Current retirement savings (his and hers): $668,000.00
Annual Contributions to both 403b(tsa) and 457b Roth: $62,000.00
Retirement Dates:
Him (NYS teacher pension – age 55 – early penalty): $70k. OR (NYS teacher pension - age 59 – full pension): $96k
Her (NYS teacher pension – age 55 – full pension): $100k
Current Mortgage: $270k (2.99% - final payment in 2035)
House Appraisal: $750k
Instead of saving money in a 529 account, we decided years ago to save ourselves first. We have automated our retirement savings and increase our contributions each year. We don’t want to interrupt our retirement contributions. If we cash flow the college expenses, then we would need to stop our retirement contributions.
We would like to get some feedback on different approaches to prepare for this financial challenge (paying for college for two kids).
P.S. Thanks to all the members in this forum for helping us achieve our small retirement savings. We are incredibly grateful for all the advice we received from the members in this community years ago.
Child #1 – graduates in 2026
Child #2 - graduates in 2028
Current retirement savings (his and hers): $668,000.00
Annual Contributions to both 403b(tsa) and 457b Roth: $62,000.00
Retirement Dates:
Him (NYS teacher pension – age 55 – early penalty): $70k. OR (NYS teacher pension - age 59 – full pension): $96k
Her (NYS teacher pension – age 55 – full pension): $100k
Current Mortgage: $270k (2.99% - final payment in 2035)
House Appraisal: $750k
Instead of saving money in a 529 account, we decided years ago to save ourselves first. We have automated our retirement savings and increase our contributions each year. We don’t want to interrupt our retirement contributions. If we cash flow the college expenses, then we would need to stop our retirement contributions.
We would like to get some feedback on different approaches to prepare for this financial challenge (paying for college for two kids).
P.S. Thanks to all the members in this forum for helping us achieve our small retirement savings. We are incredibly grateful for all the advice we received from the members in this community years ago.
Statistics: Posted by maestro1868 — Thu May 09, 2024 7:20 pm — Replies 11 — Views 753