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Which 529 Plan Is The Best?

choosing a 529 plan

I think I can speak for most parents when I say that we want our children to have a better life with less struggle than we had as children and young adults. By no means have I had a rough life, but there are some things that weren’t available to me or that my parents didn’t know how to provide that I would love to give to my daughter. One of those gifts is financial help with a college education. I think the best way to save for higher education is with a 529 college savings account, but which 529 plan is the best? What Are 529 Plans? 529 plans are similar to Health Savings Accounts except the money is used for college expenses instead of health care. You don’t get any immediate federal tax breaks, but money contributed to eligible plans earns interest and can be withdrawn, tax free, if it’s used for tuition, fees, books, room and board, or other qualified education expenses. There are two basic types of 529 plans. Self directed plans allow you to use contributions toward any accredited college or eligible education institution. Prepaid tuition plans allow parents to pay today’s dollars for future ...

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