It's done. The 529 setup process was extremely easy last night.
- My wife and I chose the index fund option.
- I didn't have to talk to a customer service rep or fill out a single sheet of paper. I made the initial deposit with an ACH transfer from our checking account and set up recurring monthly transfers. We're starting out small at first ($50/month) until we see how our budget shakes out in the new house.
- The whole thing took probably 10 minutes at most.
The only disappointment I had was when I looked up (as promised) how to allow relatives to contribute to the account. Essentially, there are vouchers that you have to print out, write the account number on and then give out. Potential contributors then have to mail a check (!) in with the voucher. Oh well. Maybe it will get easier someday.
Overall, I'm glad to say that this was yet another one of those financial situations where making the right decision is a lot more involved than acting on it.
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