Cheryl Winokur-Munk
speaker
1,406 appearances
26 recordings
2 series
first heard Apr 2019
last heard Jun 2025
Cheryl Winokur-Munk’s voice in public audio — every appearance, attributed to the second.
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Appearances
Most of the time they're used for things like tuition and college-related expenses like books, room and board, computer equipment, things like that.
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You can even use the funds to pay for up to $10,000 a year in K-12 tuition.
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Thanks for having me.
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So a 529 is a college savings account.
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There are two different kinds of varieties for 529 plans.
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The more common type is called a 529 college savings plan, and that's where parents, grandparents, and others invest money to be used for a beneficiary's qualified education expenses.
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There's a less common type, and that's called a 529 prepaid tuition program.
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And some states and a consortium of private colleges offer this type of plan to allow the same types of people, parents, grandparents, and others to prepay tuition at participating schools at a set price today.
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Some states offer both plans.
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It really depends on, there's a whole analysis that you would need to go through to decide which one is best for you.
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And some families actually have both types of plans.
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So contributions to 529 plans aren't tax deductible at the federal level, but your money is going to grow tax-free and withdrawals to pay for tuition and other qualified expenses are going to be free from federal taxes.
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Many states also offer income tax deductions or credits.
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So there are many benefits to these accounts.
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The day that child is born, you can open that up.
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And so really, the earlier you save, the better off you'll be, the more compounding and the more benefits you'll see from the money being able to grow over time.
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So really, as soon as you can open these accounts, you're really going to see the benefits from doing so.
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It's actually pretty easy.
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You can go through an advisor.
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There are some that are sold through advisors, although they're going to be more expensive.
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Showing 801–820 of 1,406 · page 41 of 71
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