529 Account
My daughter was just blessed with twin girls & I was wondering if the 529 is still a good way to save for college. I’m not sure how the 529 works & how much should I put in to start.
Thank You
Terry Says
It is ABSOLUTELY the way to start building a college fund.
Read this: https://www.terrysavage.com/the-gift-of-college-529-plans/
Check with your state of residence (yours, not the grandchildren) to see if htere is a break on state income taxes for contributions to the state plan. For example, in Illinois you get a state tax break for up to $10,000 of contributions to the Illinois Bright start 529 plan (www.BrightStart.com).
Not all state plans are equal. So if no tax incentive in your state, go to www.SavingforCollege.com to see the rankings of various state 529 plans, based on performance and fees.
