$62K 529 grows to $204K in 12 years
A $62,000 529 balance left alone at 10% becomes $204,000 in 12 years — meaning the oldest of three children may already have enough saved for college.
Where this was said
Kirsten in Fort Wayne: When to Stop Funding 529s vs. Pay Off Mortgage
At 34:29 · chapter starts 32:11
Kirsten and her husband are on Baby Steps 5 and 6 simultaneously, with a take-home income of over $10,000 a month at age 33. Their three children's 529 accounts hold $62K, $32K, and $8K respectively. The question: when is enough, enough? George runs the calculation live: $62,000 growing at 10% for 12 years produces approximately $204,000 — likely enough for an in-state school after inflation. Dave says stop contributing to that account. For the other two, they work out a goal to future-value each balance to roughly the same $204K target adjusted for age and inflation. Dave also shares his own approach: he used UTMA accounts for his kids, put each in a different fund risk level matched to their age, and then handed them the accounts as wedding gifts after cash-flowing their college education. The SECURE Act 2.0 rollover provision gets a mention as a useful but limited escape valve for overfunded 529s.
When to Stop Funding a 529: The Future-Value Test
A $62,000 529 balance for a 6-year-old will grow to $204,000 in 12 years at 10% — with zero additional contributions. Dave says stop contributing to that account and redirect the money toward the mortgage instead. Use the Ramsey online calculator to future-value each child's balance and decide whether it's 'enough.'
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