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Author: dsemmler Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 8158  
Subject: I Finally Did It Date: 6/5/2003 2:17 PM
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Well, after much help from people here at this board and quite possibly over-analyizing everything, I have opened 529 accounts for both of my boys. I decided to go with the Illinois BrightStart Savings plan to take advantage of the tax deductions for Illinois residents.

For the time being, I have started the accounts with monthly contributions into each account in the amount of $100. I think this figure will need to rise considerably to reach my goals but I felt it was more important just to get started and begin funding an account for each of them. As the dust settles, I will calculate out what the monthly contribution needs to be to reach my goals and then compare that with available funds and adjust accordingly.

Along that line of thought, does anyone have a particular calculator they have found useful to determine needed contributions to reach a particular goal? I know there are countless calculators on the web but just wondering if anyone has a personal favorite.

My first impressions are that the Illinois plan website leaves quite a bit to be desired but I think I can live with that. Again, I appreciate the assistance people here have given in answering questions and providing a different perspective. A heartfelt thank you to everyone here....

dt
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