Great job on having the foresight to sign up for a family plan for your kids!rvs007 wrote: ↑Thanks Piro21 and CSAgent for the responses. I just checked my TD account and I do have the Family Plan set up (I guess somehow I had the foresight at the time to set up a Family Plan instead of an individual plan). So given this, is the only thing I need to do is just add my younger child to the plan? I assume I'll need to visit a TDCT branch to get this done? And moving forward, if it is indeed a Family Plan, do I need to specify which child the contributions are for, or does it not matter because it's a family plan?
To add the younger child, you only need to add the second child to the current Family Plan. Then, in the same form, you can also designate how much percentage of your contributions gets contributed to each child. You can do 50/50, 75/25, or whatever as long as it adds up to 100% in total, or even specific monetary amounts. You will need to sign off on adding the second child, of course - so yes, has to be done in person with your financial institution.
Don't forget, aside from the common monthly pre-authorized contribution, you can also do lump sums, usually done before the end of the year in order to try and maximize the $2500/yearly amount for contributions if you already haven't hit the maximum.