529 Plan Iowa
August 15th, 2010
Question: Financial Advice…Should i change anything???
im 24 and married. We have a house in tampa with about 100k equity. We indulge in stock and funds…about 10k in that. I recently opened a iowa 529 Plan for my dughter,in which i rolled over some i savings bonds into…about 12k in that, 50 monthly. We just bought a investment property this week…boy its hard to find renters. And the military just told me that im movng to colorado springs in two months…good luck trying to sell my home. Should i concern myself with opening an IRA…gosh 591/2 thats far away. But i do want long term investments just not that long.
Answer: You should think about retirement before before opening a 529 Plan. Does your employer offer a 401K? If so, contribute what you can to that (contribute the max your employer will match – that’s free money!).
Yeah – retirement is a long way away…which means if you start now, you won’t need to put as much away each month/year in order to retire a millionaire at 55. Try the 40 year calculator here
http://moneyandfreedom.org/resources-worksheetsanddownloads.html
Other than that, no one can give you any good advice without knowing your full financial situation (how much you & your wife make, & what your expenses are). You sound like you are doing very well for your age. You should see a financial adviser.
1986 Rose Bowl (Second Half)
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