- May 14, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Advice on Combining 529 Savings with VA College Benefits
Hi there, I am seeking advice on how to best utilize 529 savings in conjunction with VA college benefits for my child.
### Current Situation and Concerns
I have a single child who is set to receive my VA education benefits. At the moment, my child is 12 years old and we have accumulated around $45k in 529 savings. With the VA benefits covering most, if not all, of the educational expenses, I am unsure about the necessity of continuing to contribute to the 529 account.
### Potential Future Needs and Uses
Considering the possibility of my child pursuing graduate studies and the potential excess funds in the 529 account, I am contemplating alternative uses for the savings. Would it be feasible to transition the funds to a retirement account if my child does not require them for higher education expenses?
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By VA education benefits, do you mean the GI Bill? Cuz your son will get E-5 BAH for housing. Keep the 529 till you know he doesn’t need it. Like you said, maybe it could be used for grad school. If he doesn’t, then you can roll some of it into a Roth IRA. And no, the 529 can’t be used for a mortgage.
Save save save. You have no idea how much school will cost in a decade. Plus you only get 36 months and e5 bah is probably not covering something like a dorm. They also stop paying during school breaks I believe.
I have three kids so I have to save. Plus never any guarantee that the government just stops paying out GI Bill one day.
If he chooses an in state school or gets in state tuition because of the GI Bill he should be pretty well covered. Use the 45k for study abroad and other expenses but you’ve done great. Or save more just in case and let him use it for grad/professional school.
If he goes to a state school his tuition and housing allowance should be covered in full..
Honestly my parents gave my brothers access to their 529 money and they spent it on dumb stuff.. don’t even tell him the 529 exists so that he will want to work or work hard to get scholarships