Today, I decided to expand on the discussion about 529 college saving plans which was in an earlier blog post. In my post called “My 529 College Savings Experience“, I covered that basics that the average person would need to know. If the beneficiary decides not to use the money, and wants to cash out the plan instead, they will… Continue reading 529 College Saving Plans – Part 2
Category: College
My 529 College Savings Experience
First, what is a 529 plan and what are it’s benefits! What is a 529 plan? These are college saving plans that are operated by state or educational entities. The “529” numeric element refers to the IRS code with created these types of plan in 1996. There are typically 2 types of plans: Prepaid Tuition –… Continue reading My 529 College Savings Experience
Considering A Coverdell Education Savings Account?
This Account use to be called “Education Individual Retirement Account“, which I always thought was a poor naming choice for a college savings account!!! The plan is sometimes called an “Educational Savings Account” or an ESA. So what are the properties of an ESA? The money put into an ESA is NOT tax deductible. So you can’t take… Continue reading Considering A Coverdell Education Savings Account?
My Upromise Experience and was It Worth It?
I always try to plan for future expenses. That why I opened a Upromise account right before my son was born. Back then I had more expenses and any amount I could save counted! For that time in my life, Upromise was a perfect vehicle for me to save for my son’s college without it hitting me hard… Continue reading My Upromise Experience and was It Worth It?