Comments on: What is a 529 College Savings Plan?

By: Prateek Panchal

Prateek Panchal — Mon, 21 Feb 2011 17:18:00 +0000

This is a savings plan sponsored by state to encourage people to save for college expenses. Parents can contribute towards this plan to pay some, if not not all, college expenses of their children. However, it’s not mandatory to use the funds for your child. You can, at any time, change the beneficiary of the plan. Along with compulsory savings, this plan offers certain tax benefits.
529 College Savings Plan or 529 prepaid Plan

529 plans can be broadly classified into two categories: 529 College Savings Plan and 529 Prepaid Plan. The regulations regarding deposits and withdrawals in such plans can vary from state to state. However, in general, savings plan are more flexible than prepaid plans, regardless of the state you live in.

A 529 College Savings Plan allows you to use funds for any kind of college expenses, at any university, and in any state. A prepaid plan, however, prohibits usage of this money in any state other than your home state.

http://www.financegenie.net/529-college-savings-plan.html

By: Saving For College: When You Shouldn’t Do It | Not Made Of Money

Saving For College: When You Shouldn’t Do It | Not Made Of Money — Wed, 12 Jan 2011 15:38:16 +0000

[...] as they learn of their baby’s anticipated arrival, they begin planning. They will research college savings plans and start choosing schools almost at the same time that they decide on potential [...]

By: Personal Financial Planning: 5 Tips from Dora the Explorer | Redeeming Riches

Thu, 09 Sep 2010 17:37:33 +0000

[...] aiming for – whether it’s retirement, opening a Roth IRA, debt-freedom, a new house, college savings or something else – then you’ll never reach your [...]

By: What is the Difference Between Saving and Investing?

What is the Difference Between Saving and Investing? — Mon, 21 Jun 2010 09:02:38 +0000

[...] college. If college is 18 years away, the money should be invested (make sure you use an ESA or 529 plan to get all of the tax breaks). But what if college starts four years from now? You don’t want the [...]

By: The Best of Money Carnival #48: My Top 10 | Obsessed Analytic

The Best of Money Carnival #48: My Top 10 | Obsessed Analytic — Mon, 26 Apr 2010 03:12:10 +0000

[...] What is a 529 College Savings Plan? – In line with the last two articles, be sure to save for your kids college one day. Here’s a good summary on how to get started and what to expect. [...]

By: Review Your Life Insurance Policy – 7 Reason

Review Your Life Insurance Policy – 7 Reason — Thu, 22 Apr 2010 15:15:31 +0000

[...] your kids are older, you’re wondering more about college savings and not that worried about life insurance any more. Or, you may need to increase your life [...]

By: » Should You Use A Roth IRA For College Savings?

» Should You Use A Roth IRA For College Savings? — Tue, 20 Apr 2010 14:07:50 +0000

[...] of us have heard of 529 plans, and there are advantages and disadvantages to using 529 College Savings plans for college, but have you thought about using your Roth IRA for college [...]

By: Personal Finance Roundup

Personal Finance Roundup — Mon, 19 Apr 2010 04:08:13 +0000

[...] What is a 529 College Savings Plan? from @RedeemingRiches Great information to help you get started in understanding one of the best ways to save for college. [...]

By: Jason

Jason — Sun, 18 Apr 2010 02:12:22 +0000

Bucksome – that’s great to hear that your daughter-in-law started early!! What’s great about the 529 is the flexibility of it and the fact that so many others can contribute to it etc.

By: Bucksome Boomer

Bucksome Boomer — Sat, 17 Apr 2010 16:04:13 +0000

My daughter-in-law started a 529 for my grandson soon after he was born. Part of the gifts to him for Christmas birthdays will be donations to his account. By the time he's ready for college it should be a nice amount as long as his parents keep donating. .-= Bucksome Boomer´s last blog ..Reducing Health Care Costs =-.