[Cody]

As a parent, I’m always looking for ways to give my child the best possible start in life. One way I’m considering doing this is by opening a 529 college savings plan. These plans offer tax benefits and can be a great way to save for college, but I’m not sure if they’re right for my family.

I’m hoping to get some advice from people who have experience with 529 plans. What are the pros and cons of these plans? What are the different types of 529 plans available? How do I choose the right plan for my family?

I’m also interested in learning more about the tax benefits of 529 plans. How do these plans work? What are the tax implications of withdrawing money from a 529 plan?

Any advice or information would be greatly appreciated. Thank you!

[Carlos]

529s aren’t the end all be all. These days there are other vehicles than can offer the same plus more. As times change we must also adapt with the changes..

[Kira]

Yep we have had it for both kids and contribute yearly. Have it set up with NY College savings program. I didn’t know you could choose which one. $160k per kid at a time of the college is a goal

[Matthew]

Why would you post about a US specific topic, without first announcing that your post is US specific? I’ll bet you also speak loudly in public, and tip inappropriately large amounts. Phillistine.

[Bradley]

Vanguard’s in Nevada is great but I use our state’s 529 b program to benefit from tax credits. $2,500 per kid. Not all states offer the credit.

But surely look into your respective state’s tax benefits.

[Richard]

I use vanguards. Been happy with it. But a good portion of my investments are with them as well, so it was an easy choice for me.

[Ashley]

I really wish I would see someone recommend Ohio’s. Lol I tried finding the best and I thought it said that one was pretty good with good returns and low fees (I do not live in Ohio) and seeing as no one recommended that makes me wonder if I made a mistake.

[Jane]

We recently opened one. We just chose our state one for the tax advantage but probably should have researched more.

[Ryan]

Very state-dependent. I use the PA plan as a Pennsylvanian because they offer a nice state tax break for contributions, and have good options.

Not all states do.

[Author]

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