Did you know that May 29th is 529 Day? This quirky, not-quite-a-holiday day is a great opportunity to learn about planning for your family's future education needs while enjoying some light-hearted fun. Listen or watch our latest podcast episode to find out how 529s, and other savings accounts, can help you save smartly for education expenses.
In this podcast, dated 5/29, Chris Wagner, a wealth advisor at Vector, discusses financial planning to help you maximize your college savings potential. He emphasizes the importance of starting early to benefit from compound growth and discusses contribution limits and the tax implications of various approaches.
Key Features of a 529 Plan:
Time & Chapters
00:00 … Wealth Advisor Chris Wagner
00:52 … What is a 529 Plan?
02:35 … How to contribute to a 529
05:45 … Setting College Savings Goals
09:55 … Taxes & Converting 529 to Roth IRA
17:15 … Potential state tax deductions
19:44 … Alternatives to 529 Plans: UTMA Accounts
23:22 … Savings & Gifting Strategies
26:33 … Closing Remarks and Regulatory
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To learn more about optimizing your college savings strategy, connect with the Vector team for personalized advice.
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vectorwealth.com/regulatory
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