529 Day comes but once year. Despite this college funding strategy being available for parents for several decades, the plans are largely misunderstood. Even people who have opened and funded a 529 plan are still often not using them correctly. And therefore, they are not maximizing the benefits to their child or grandchild before, during and after their college.
Today we review what a 529 College Saving Plan is and isn’t. How does a 529 plan work? What are some of the misconceptions or misunderstandings surrounding their use in various circumstances? This discussion also includes details on what happens to the money if a child does not go on to college and how it can be repurposed.
Craig gives examples of what his conversations with families considering college savings plans are like, as well as touching on his personal experience in using 529 plans for his own children.
Three IRA Myths
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