How are you saving for college and what is a 529 College Savings Plan?

Administrator
Administrator

Here are 8 FAQs on the 529 College Savings Plan. How are you saving for college?

32 REPLIES

Nice stuff in the calculations, but it leaves no room to consider current pensions, military retirement, royalty income, etc. The results make it look like I'm some kind of slug who hasn't done anything towards my retirement. Nothing could be farther from the truth.
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This calculation is for those that are not retired. I am retired with @179,000 total income for retirement between SS and pensions. I think I am in good shape, except for a up to date will. You need to have a calculator that addresses those that are already retired to see where they stand or how to improve on their particular situation.
FalconEddie, it will consider those things if you can figure out the appropriate places to plug them in. For example, if you link your investment accounts and such, then USAA will automatically calculate your balances on the main page. Throw those numbers into a calculator towards your Net Worth. Any type of income (like royalties and retirement) would be calculated under Annual Income.
Thanks for seeking methods to help members make better life decisions. I believe it might be helpful to allow the person answering the questions to have a checkoff that says I have this policy or children grown up, or no responsibilities for others, etc. Each of these answers maysn decision you make about points to be given.
I get dinged for not having enough life insurance but the program totally ignores the value of SBP
I got dinged in the Household Finances section with recommendations to pay off our debt, yet I clearly put that our monthly debt obligation is $0. Not sure where these suggestions are coming from...
I hope to save 10% of my income to build emergency savings...
I was told the 529 Plan was not worth it. Is that true?and why did ysette9 get ding in Household Finances if his debt obligation is $0? Make me wonder if I am wasting my time with this process.

Dear Ready2gohome,

I wish I could answer your question, but in order to give you the right advice, we need to know more about your goals and situation. If you gave one of our financial planners a call here at 800-771-9960, they can review your situation and make some recommendations based on your specific needs. Thank you.