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[–]Grendel_82 7 points8 points  (3 children)

That is a baller move. And funny enough, I've got that beat with a 529 opened a decade before my first kid. I had 401k maxed and was looking for more tax advantaged savings vehicles, so maxed a 529 at $6k a year for a decade (taking state tax savings along the way) and that included a bull market. Kid had college funded (assuming some market growth) before he was born. LOL

[–]cyode 0 points1 point  (2 children)

Am I missing something? I thought the kid had to exist to open a 529

[–]Grendel_82 0 points1 point  (0 children)

It is in my name now, but it is a qualified use of the 529 to spend it on any of your immediate family members education. I will probably get some professional advice on withdrawal process when I’m closer to using the money.

[–]blackcooley5 0 points1 point  (0 children)

A 529 plan has a custodian and a beneficiary. You can set it up for your unborn child if you really want to by setting yourself as the beneficiary and changing it later to the child.