Everything You Need to Know About 529 Plans
On this episode of A Wiser Retirement™ Podcast, Casey Smith and Missie Beach, CFP®, CDFA® discuss 529 plans as a vehicle for college savings. Are you prepared for the skyrocketing costs of higher education? Look no further; we've got you covered with this enlightening episode all about 529 plans. Discover the pros and cons of the two main types of plans, learn about the incredible benefits of compounding interest, and understand the various ways to set up a 529 plan. We also dive deep into the tax advantages and emphasize the importance of being mindful of ownership when setting up your child's college savings plan.
But wait - there's more! We don't just stop at the basics; we explore the flexibility of 529 plans to their fullest extent. From transferring beneficiaries and covering eligible expenses to penalty-free withdrawals for scholarships, we've got your back. We even discuss how to use the plans for K-12 tuition and roll unused funds over to a Roth IRA. Plus, we tackle the real challenges of higher education costs, loan rates, and average student debt. We'll even let you in on a valuable tool to calculate return on investment for college majors and the hidden gems of smaller schools with equal education quality but at lower costs. So join us and start planning for your child's future with our comprehensive guide on 529 plans and beyond.
Podcast Episodes Referenced:
- Ep 152: 10 Tax Planning Strategies for High Net Worth Individuals
- Ep 127: The Cost of Inheriting Wealth, Estate Tax and Opportunities to Avoid It
YouTube Videos Referenced:
- 6 Habits of Financially Successful People
- How to be a Long-Term Investor
- Click here to download one of our free guides that covers financial planning topics like retirement, investing, taxes, divorce, and more!
- Click here to schedule a consultation with one of our financial advisors.
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This podcast was produced by Wiser Wealth Management. Thanks for listening!