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Brown Cafe UPS Forum
UPS Retirement Topics
401K After Retirement
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<blockquote data-quote="beentheredonethat" data-source="post: 1144358" data-attributes="member: 4886"><p>No, for one main reason. If I put money into a 529 that in essence becomes the grandkids money in the eyes of the govt and the colleges. Any dollar that is in their name goes almost completely for their college before grants\aid are given. If I hold the money in my own name and then I give them a "gift" during their college years it will help them more then the comparatively modest tax savings. (PS, I don't have any grandkids yet, but I'm hoping I will someday). Also, if for some reason I do need the money then I still have it in my name. Hopefully, I'll never need to do that. I plan on working til Full SS kicks in. (assuming it's still there in 20 years). In that way, between SS and pension I'll have similar income as I do now, and the 401K which is doing quite well right now will be for extras and to help me in my final years as well as to help the grandkids.</p></blockquote><p></p>
[QUOTE="beentheredonethat, post: 1144358, member: 4886"] No, for one main reason. If I put money into a 529 that in essence becomes the grandkids money in the eyes of the govt and the colleges. Any dollar that is in their name goes almost completely for their college before grants\aid are given. If I hold the money in my own name and then I give them a "gift" during their college years it will help them more then the comparatively modest tax savings. (PS, I don't have any grandkids yet, but I'm hoping I will someday). Also, if for some reason I do need the money then I still have it in my name. Hopefully, I'll never need to do that. I plan on working til Full SS kicks in. (assuming it's still there in 20 years). In that way, between SS and pension I'll have similar income as I do now, and the 401K which is doing quite well right now will be for extras and to help me in my final years as well as to help the grandkids. [/QUOTE]
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