529 Plan College
September 19th, 2008
Question: Can I contribute to a College Savings Plan 529 now?
I’m 23.. I’ve been in investing in my companys 401k, and a Roth IRA for about a year now. Is it all possible to also contribute money to college savings plan 529 as welll if I dont have kids yet? I want it to be for them when I eventually get that point where they are going to college.
Answer: I’m pretty sure you have to have a designated recipient for a 529 Plan (with a social security number), although I applaud you on thinking that far ahead!
If you are interested in saving for your future child’s college fund, you’ll probably just need to invest in a high yield savings account or other investment for now.
Edit: I just found this article:
http://www.associatedcontent.com/article/107197/why_you_should_start_a_529_plan_for.html
Apparently some plans allow you to be the beneficiary and transfer it later on to your child.
How to send your kids to college without a 529 Plan
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Tags: 529, 529 plan college, college, education, finance, investing