Viewing a single comment thread. View all comments

wolf8sheep t1_j2c87lu wrote

The new provision taking place in 2024 allows 529 accounts that have been opened for at least 15 years to convert to roth so just opening the account and funding it minus the last 5 years is well worth it imo in both furthering a degree and doubling as a 35k roth vehicle which depending on your age can be more beneficial the younger you are.

https://www.forbes.com/advisor/student-loans/best-529-plans/#the_best_overall_529_plans_section

5

lost_girl_2019 OP t1_j2db6vh wrote

Since this is all pretty new to me, a lot about your comment is confusing me. I am mid-30's, no children, no possibility of children and have a Master's degree, so no plans to further my education. Most of my money in my early part of my career went to help support my disabled parent.

1

wolf8sheep t1_j2e2r9l wrote

The new 529 rules can still benefit you because up to $35,000 can be converted to a roth account if the 529 has been opened with you as the beneficiary for 15 years. So it is worth looking into.

Depends too what the goal is and if it is for retirement or just to learn how to trade single stocks or learning your greeks to options trade. If that’s the goal then I’d recommend the think or swim app by TD Ameritrade and start with paper trading which is playing around with fake money to learn by trial and error.

1

mhsieh33 t1_j2fdlpe wrote

Goverment might bring some new tax rates in this particular slab, to increase the funding.

1