I am having a hard time deciding between whether to open a custodial roth or a 529 for a child. The way I see it, the custodial roth money can be used more widely, but you are limited to the 5500/year for the child. The 529 does not have such limits, but there are strict limits on what it can be used for, and some of it could be lost if the child didn't use it and had no siblings that could use it either.
Any helpful advice in deciding between these two investment vehicles?
EDIT: my wife and I cannot contribute to a Roth as we are over the limit, and we already max our IRAs personally. I also have a 401 and she has a pension. So the parents are OK.
Submitted June 08, 2017 at 01:11PM by tommycarpenter http://ift.tt/2rFMaId
