Cheryl Winokur Munk
speaker
643 appearances
14 recordings
1 series
first heard Mar 2018
last heard Nov 2024
Cheryl Winokur Munk’s voice in public audio — every appearance, attributed to the second.
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Appearances
It will match college costs down the road or they'll make up the difference in most cases.
That's correct.
A traditional 529 savings plan typically rises and falls with the market, although in some cases, traditional 529 savings plans are offering more guaranteed returns, which is similar to this.
But generally speaking, prepaid tuition plans have more constraints.
than a traditional 529 savings plan.
They just, some of them have, or many of them have in-state residency requirements.
So there are limits on who can contribute.
Whereas with a traditional 529 savings plan, you can pick a plan even if you're not living in that state.
For the most part, states are the ones that offer these.
But there is a plan called the Private College 529 plan, which is a plan that's available for nearly 300 private colleges and universities around the country.
So there are ones like MIT, Princeton University, Stanford University and many others.
Well, in many cases, the states are guaranteeing it.
Not always, but in many cases they are.
And it is kind of what it says it is.
And the problem or the issue would be whether you actually go to college in that state or and if you decide not to go to college in that state, some plans let you do that and some plans don't let you use the money for those purposes.
Sure.
Just keep in mind, it's going to depend when the child is born.
So for this example that I'm going to give, it's a child born on December 10th of this year.
And the family is going to have to meet the state's residency requirements.
So just those things are given for this scenario.
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