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I have a four year old. I figure her Coverdell (started when she was born) will pay for one year of college, our other investment accounts (i've been saving outside retirement accounts since I paid off my college loans over a decade ago) will pay for another year, my inlaws will cover for a third year (we know they are setting money aside for her) and then we will pay for a fourth year out of other savings or income (probably reduced contributions to retirement savings) from the four years while she is in college.

If it's a stretch to put the $2k in the Coverdell perhaps you should put money in a Roth instead. Same tax advantages but more flexible. For us the Coverdell money is after our Roths are maxed out.

- Megan
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