Archive - April 30, 2008

What You Didn’t Know About 529 Plans

What You Didn’t Know About 529 Plans

Saving for CollegeRecently someone said to me that the only reason she invested in a 529 savings plan for her child was that everyone she knew had done the same thing. Often people have at best a vague understanding of how these plans work, why they are a desirable way to save for college, or how to select a plan that suits their needs.

I’ve found that most people don’t understand that there are actually two types of 529 plan.  There are “prepaid” 529 plans and 529 “savings” plans; they differ significantly in some respects.  In both types, state tax deductions may …

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