RE: Your 529 plan, I saw this earlier this morning.

Jan 30, 2023
12:07:04pm

crack Truly Addicted User

How A 529 Plan To Child IRA Conversion Can Turn Your Teen Into A Middle-Class Millionaire

Beginning in 2024, you can convert your child’s 529 plan to a Roth IRA. This backdoor Child IRA now becomes a valuable planning tool. Here’s a step-by-step process you can start today.

https://www.forbes.com/sites/chriscarosa/2023/01/28/how-a-529-plan-to-child-ira-conversion-can-turn-your-teen-into-a-middle-class-millionaire/amp/

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crack

Bio page: crack
Joined: Nov 17, 2005
Last login: May 4, 2024
Total posts: 42,340 (119 FO)

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Messages

Author

Time

How do you draw the line on knowing how much to invest vs how much to spend?

crack

1/30/23 11:53am

I wish I knew where to invest.

md7Coug

1/30/23 11:55am

I feel like I'm just starting to make that transition. It's worked for me to

fanbraves10

1/30/23 11:58am

I max out my 401k and my company throws in another $20k each year so I

Dangerous

1/30/23 12:03pm

RE: Your 529 plan, I saw this earlier this morning.

crack

1/30/23 12:07pm

I start with simply making sure I'm hitting a savings threshold that is

kos

1/30/23 12:05pm

20% is usually considered super-saver status. Most authorities recommend 10-15%.

VenturaCoug

1/30/23 12:20pm

RE: How do you draw the line on knowing how much to invest vs how much to spend?

kimdaddy35

1/30/23 12:06pm

You talking before or after the first million?

TwinsRight

1/30/23 12:17pm

What I've read before: Same lifestyle = 15% invested into retirement each month

Adwight

1/30/23 12:24pm

I had to learn to give myself permission to spend money, it was a challenge at

sandtrapcougar

1/30/23 12:38pm

Like you, I'm thinking of cutting back a bit on the savings & having more fun $

BYUfan92

1/30/23 12:43pm

Memories with your kids are priceless.

Adwight

1/30/23 1:52pm

Agreed - I just don't know that we'd make more with more fun $ though?

BYUfan92

1/30/23 3:34pm

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