College Savings Plan (529) Builder

Prompt

Build a college savings plan for [CHILD'S NAME], age [AGE], using a 529 plan.

Context:
- Child's age: [AGE]
- Years until college: [YEARS]
- Target school type: [STATE SCHOOL / PRIVATE / ANY / UNSURE]
- Current 529 balance: [AMOUNT]
- Monthly contribution ability: [AMOUNT]
- State of residence: [STATE]
- State income tax: [YES / NO]
- Other savings for this goal: [UGMA / ROTH / NONE]

Build the plan:

1. **Cost Projection** — Estimated 4-year cost for [SCHOOL TYPE] when child enters college, accounting for education inflation (~5-6% per year).

2. **Savings Target** — To fully fund vs. partially fund (decide how much of the gap I want to cover).

3. **Monthly Contribution Required** — To reach the target. Show multiple scenarios: 50% funded, 75%, 100%.

4. **State Tax Benefit** — Does my state offer a 529 deduction or credit? How much can I save on state taxes?

5. **Plan Selection** — Should I use my state's plan or another state's plan? Comparison criteria.

6. **Investment Strategy** — Age-based allocation recommendation. How to shift from aggressive to conservative as college approaches.

7. **Contribution Strategy** — Monthly vs. lump sum. Superfunding (5-year gift tax election) if applicable.

8. **What If They Don't Go to College?** — Options: transfer to another beneficiary, use for K-12, graduate school, trade school, or penalty-free withdrawal scenarios.

9. **Financial Aid Impact** — How does a 529 affect FAFSA and financial aid calculations?