- April 16, 2024
- Posted by: legaleseblogger
- Category: Related News
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**Financial Situation Overview**
1. **Child 1**
– College Freshman
– Estimated total cost for 4 years of college: $300k
– Amount paid in cash so far: $50k
2. **Child 2**
– Junior in High School
– Estimated total cost for 4 years of college: $300k
– Cash on hand: $441k
– 529 plans funds: $268k
3. **Investment Details**
– 529 plans invested 100% in equity for 16+ or 18+ years
– Annual contributions: $5,000 each ($200/month for each until December, followed by $2600 each)
– Current allocation: 37% principal / 63% earnings
**Recent Market Changes and Concerns**
The recent surge in the stock market has significantly increased the 529 plan balances, but the future remains uncertain. The potential volatility raises questions about restructuring the asset allocation to mitigate risks and maximize returns.
**AI Legalese Decoder Solution**
The AI Legalese Decoder can provide valuable insights into optimizing the asset allocation strategy for both existing and future contributions to the 529 plans. By analyzing market trends and risk factors, the decoder can recommend a suitable allocation plan to align with your financial goals.
**Financial Planning Decisions**
1. **Asset Allocation Adjustments**
– Consider shifting historical balances to a “money market” option within the 529 plan
– Evaluate the potential benefits of continuing aggressive investments for future contributions
2. **Utilizing 529 Funds**
– Determine the optimal timing to start using the 529 funds for college expenses
3. **Residual Funds Allocation**
– Plan ahead for surplus funds by deciding whether they should be in cash reserves or remain in the 529 plan
4. **Additional Considerations**
– Explore other relevant questions related to college funding and investment strategies
– Seek answers to these questions to make informed financial decisions and secure your children’s education future.
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If you have a Jr in HS and a kid in college and expect to pay 600k for school in the next 5 yrs, I think it is advisable to consider moving investments into a low risk vehicle like money market. You don’t have the luxury of time to let the market recover anymore, so I’d head caution about investing aggressively.
You could start using funds now.
If you end up with more money than you need in the 529, look into rolling it into an your children’s ROTH IRA. You can take a look at that opportunity now and use that to decide what funds you’d like to use.
I would start using up the 529 funds first. I’d rather end up with excess cash, since there are no restrictions on what you can do with it. Either move the funds to a money market or if you are able, you can buy short term treasury bills for a slightly higher return. Your current timeline is too short to continue to expose the funds to market risk.
Yep, agreed on moving the 529 funds to money market since you don’t have a high risk tolerance given the time horizon.
Send the kids to state schools if they don’t get any merit scholarships anywhere; that money can be used later if they go to med or law schools.
Thank you for your feedback. I set a 529 target of $275k. At that point I will move into money market.