[blparent] Saving for your kids college

Mon May 7 21:02:45 UTC 2018

Keep in mind that a college savings plan may not have the growth rates you want in an investment. I got one for my daughter years ago with her dad, which we could do because I have SSDI rather than SSI and because our daughter gets a Social Security benefit of her own, at least ten percent of which needs to be accounted for as having been invested in her future each month. But the chief reason we got one--the fact that money cannot be taken out of it for other uses till our daughter turns eighteen without serious financial penalties--may be a drawback rather than an asset for other people. It's an asset for me because frankly, her father is a spender and not a saver, and I wanted the money to be placed in the college plan and left there, without fail, not taken out later for other uses. If the money had been put in other, more lucrative investments, it could have been taken out and used for other purposes. Still, the costs of college are growing much more quickly than the interest on the money in the plan is, and I'm not sure there will be nearly enough to cover what is needed by the time my daughter comes of age. The money can be used for other purposes, by the way, once a minor child turns eighteen. It's still best to speak to a financial planner regarding the specifics, but I did have those questions about the plan.

Jo Elizabeth Pinto

“The Bright Side of Darkness”
Is my award-winning novel,
Available in Kindle, audio, and paperback formats.
http://www.amazon.com/author/jepinto

-----Original Message-----
From: BlParent <blparent-bounces at nfbnet.org> On Behalf Of Star Gazer via BlParent
Sent: Monday, May 7, 2018 4:34 AM
To: 'Blind Parents Mailing List' <blparent at nfbnet.org>
Cc: Star Gazer <pickrellrebecca at gmail.com>
Subject: Re: [blparent] Saving for your kids college

			Tara, 
Some questions you want to ask. 
What is the value in putting money into a 529 via other forms of saving accounts? 
Can you get the money out for some other purpose before college? 
What happens if your kid doesn't go to college? 
I kind of think that the 529 folks are selling an idea "Your kid will go to college" because nobody ever thinks or says "My kid isn't college material". 
What happens if your kid wants to go into a trade profession or doesn't want to go to college at the traditional time? 
What happens if you and your husband divorce? I'm by no means suggesting that will happen, but you want to have an answer to that. 
Think too about why you want to start saving for college now. What event triggered this thinking. Is it rational? 
If I remember/think correctly, you guys are LDS right? If yes, BYU offers incredibly low tuition for LDS members. Keep that in mind. 
I'd suggest meeting with an accountant or finantial planner, maybe even both. You can also talk with an estate lawyer. 
I mention all these because these people should be able to give you current data. 
You may even want to call NFB and ask how a 529 or any other kind of saving/investment plan would impact bennifits. A good accountant, estate lawyer, or finantial planner should also be able to answer that question. 

-----Original Message-----
From: BlParent <blparent-bounces at nfbnet.org> On Behalf Of Tara Briggs via BlParent
Sent: Sunday, May 6, 2018 5:52 PM
To: blparent at nfbnet.org
Cc: Tara Briggs <thflute at gmail.com>
Subject: [blparent] Saving for your kids college

Hi all! My husband and I would like to save some money for our daughters college. I don’t know anything about this! I guess there is something called a 529 savings plan but I don’t know anything more than that. Does anyone know about this and know where some accessible information is? I’ve gotten onto website called saving for college.com and it’s one of those it’s pretty painful accessible. So any help would be gratefully appreciated! If this seems a bit off topic feel free to write me off list. Thanks so much!
Tara

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