Yes. Anyone can open a 529 for themselves - no age restriction.
The roll over amount is capped at your Roth IRA contribution limit each year. So if you are maxing out your Roth IRA already, you wouldn't be able to rollover the money as of now.
But there could certainly be a way to game it based on your personal situation.
You and I and our families could have a ball contending with over funded 529s in retirement years. If we time it right , we get a few decades of tax-advantaged courses in Heli Skiing BC 101, Studying Coastal Majorca 205, etc. The IRS could show up at my wake with a few irritated questions for all I care.
Getting a WL later in life is going to be expensive.
QLAC is definitely a niche product. But it can be a big help in planning. For example, have it start at 85 and the payout is enough to cover your cost of living. Now you know forusure your other retirement funds only need to last to 85, no uncertainty of living too long and eating cat food.
It is definitely not a good fit for everyone. But can be great for the right situation.
There was provision in the care act has provision for employers to pay for their employees student loans. This is NOT tuition reimbursement! Its up to $5250 per year an employer can pay (in a tax advantaged way obviously) towards an employees student loans. my company did this last year starting at 2k (167 per month) then upped it to 4800 (400 per month) this year.
Our employer expanded a general healthcare reward to include financial health so you could get reimbursed on student loan payments. But that provision of the CARES act flew under our radar till now.
Can a person start a 529 plan for his or herself and then roll this over into a Roth in 15 years?
Yes. Anyone can open a 529 for themselves - no age restriction.
The roll over amount is capped at your Roth IRA contribution limit each year. So if you are maxing out your Roth IRA already, you wouldn't be able to rollover the money as of now.
But there could certainly be a way to game it based on your personal situation.
Great news and write up. Alliant also has embedded optionality for savers who could get preferential access in a future stock offering. And I love 529s! https://seekingalpha.com/article/4566588-best-way-to-compound-the-sp-500
loved the 529 write up and know you have been a big fan for a while.
When we hit our ##s, using a 529 to go take actual useful college classes later in life is a future goal.
You and I and our families could have a ball contending with over funded 529s in retirement years. If we time it right , we get a few decades of tax-advantaged courses in Heli Skiing BC 101, Studying Coastal Majorca 205, etc. The IRS could show up at my wake with a few irritated questions for all I care.
haha. Sounds like a deal.
Better to buy Whole Life Policy instead of QLAC.
We have WL.
Getting a WL later in life is going to be expensive.
QLAC is definitely a niche product. But it can be a big help in planning. For example, have it start at 85 and the payout is enough to cover your cost of living. Now you know forusure your other retirement funds only need to last to 85, no uncertainty of living too long and eating cat food.
It is definitely not a good fit for everyone. But can be great for the right situation.
Depends on your goals. QLAC very attractive for providing late in life income, but not as much for estate planning.
Correct, 2 different purposes, uses, and targets.
RE #6:
There was provision in the care act has provision for employers to pay for their employees student loans. This is NOT tuition reimbursement! Its up to $5250 per year an employer can pay (in a tax advantaged way obviously) towards an employees student loans. my company did this last year starting at 2k (167 per month) then upped it to 4800 (400 per month) this year.
source
https://www.morganstanley.com/atwork/articles/student-loans-cares-act/
Great value add.
Our employer expanded a general healthcare reward to include financial health so you could get reimbursed on student loan payments. But that provision of the CARES act flew under our radar till now.
Not bad little benefit.