My Five for Friday: 529 Edition for National 5/29 College Savings Plan Day
Curious about the best way to start saving for your children's college expenses? Wondering what a 529 Plan is?
National 529 College Savings Plan Day is the perfect day to point you to five helpful articles about 529 Plans in this week's 5 for Friday.
1.What is a 529 Plan? from SavingforCollege. This article covers the 529 basics including the history of 529 plans, states that offer 529 plans, and the tax benefits of 529 plans. This helpful article includes tips on choosing 529 plans and how and what to use them on.
2. How To Fit 529 Plans Into Your College Savings Strategy by Dori Zinn. This article outlines the benefits of saving early for college expenses, noting that a 529 plan is the perfect way to begin the process. The benefit of Zinn's article is the inclusion of other college savings strategies and how they compare to 529 plans.
3. These are 3 big mistakes you can make with a 529 plan by Howard Gold. Gold includes the three biggest mistakes that parents often make when using a 529 plan for their children's savings. These include: opening a plan in a name other than the parents name, withholding use of the savings plan for graduate degrees, and choosing plans based on the tax breaks instead of the investment's performance.
4. Five things to know about 529 plans by Tom Rowley. If you're short on time, Rowley provides five succinct facts about 529 plans that will help orient you to what the plans have to offer.
5.How to open a 529 college savings plan by James Royal. Now that you know all about 529 plans, the question is how to set one up. Royal's article provides a step-by-step plan for how to set up a 529 plan. Royal also includes a list of the best 529 plans and helpful tips on what happens to the funds if your child decides not to go to college.