General Discussion

liberal_at_heart

(12,081 posts)

17. When has it ever been smart to take money out of an investment

Sun Dec 2, 2012, 03:46 PM

Dec 2012

if you don't need the money right away? She's not going to college right now. The money is sitting in the 529 earning money. If we take it out it won't be. She can put it back in but she may be buying in at a higher price. I guess she could get lucky and maybe the stock market will decrease in value in the time we have the money pulled but that is a roll of the dice. I would be perfectly happy changing names on the account, take our name off and her name on so that she is the owner of the account. I don't know if that is possible. For me that would be a much better option. I'm also curious if any of this will affect her eligibility for financial aid. People keep saying it is her money, it is her money. Yes, I understand it is her money. I want her to have her money. My entire goal is to protect and maximize her money for college, and I'm worried that what the Social Security department wants us to do will end up costing her money.

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SS department wants me take money out of a 529 to send to them to send to my daughter? [View all] liberal_at_heart Dec 2012 OP

Legal age is 18 regardless, it's also the age you can require her Lionessa Dec 2012 #1

Require a high school student who is your child to pay room and board? obamanut2012 Dec 2012 #5

It used to be a lot more common in some circles Retrograde Dec 2012 #29

That's different if they weren't still in high school obamanut2012 Dec 2012 #34

My mother left her abusive rural farm home at 14 during the Depression Jackpine Radical Dec 2012 #35

Standard procedure mysuzuki2 Dec 2012 #2

If I had cash saved up in a savings account I would understand that liberal_at_heart Dec 2012 #6

But it is her money to use as she wants and needs obamanut2012 Dec 2012 #12

Yes, and to take care of herself, ie room and board. Lionessa Dec 2012 #36

Why do you think she is going to lose money? freshwest Dec 2012 #14

When has it ever been smart to take money out of an investment liberal_at_heart Dec 2012 #17

Might be useful to ring the SSA and speak to someone about enlightenment Dec 2012 #28

Why don't you just change the account title? mysuzuki2 Dec 2012 #25

This message was self-deleted by its author ann--- Dec 2012 #26

Can you transfer the 529 account to her liberalhistorian Dec 2012 #30

Could they just title the 529 over to her? quaker bill Dec 2012 #8

that's what someone else suggested. I'm going to look into that. liberal_at_heart Dec 2012 #10

You can remove yourself from the 529, leaving it titled in her name alone Ruby the Liberal Dec 2012 #33

Just sayin, but if that were me I'd call them up and record the call. Poll_Blind Dec 2012 #3

She is an adult, and she should receive the payments directly obamanut2012 Dec 2012 #4

If the 529 is in one of the parent's names exboyfil Dec 2012 #11

I don't know why you are arguing with me obamanut2012 Dec 2012 #13

do you have to cash out of it? liberal_at_heart Dec 2012 #15

This message was self-deleted by its author ann--- Dec 2012 #27

That was the child's money going into the 529 dkf Dec 2012 #21

damn you people don't listen liberal_at_heart Dec 2012 #22

I understand that you saved this for her and had no intention of keeping it. dkf Dec 2012 #23

This message was self-deleted by its author liberalhistorian Dec 2012 #32

Suggest you speak with Soc Sec. Simply signing her 529 over to her legally may satisfy the regs. pinto Dec 2012 #7

I would not have a problem signing over the 529 to her liberal_at_heart Dec 2012 #9

Maybe the institution that manages the 529 could help with the mechanics? pinto Dec 2012 #16

yes, first thing Monday we will be calling the SS department and our financial advisor liberal_at_heart Dec 2012 #19

Kindly consult with an attorney. I am an attorney, but not YOUR attorney, and you msanthrope Dec 2012 #18

I agree liberal_at_heart Dec 2012 #20

When your child turns 18, they are of legal age. I have a daughter who has multiple disabilities & jillan Dec 2012 #24

My son is a tax attorney.... Sekhmets Daughter Dec 2012 #31