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Chris Lynch - 2 they're - 2 Vivian Tsai - 1 New Roth - 1 beneficiary's Roth - 1 " Lynch - 1 Marshall Nelson - 1 Lynch - 1
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☆ 529 college savings plans 'are better now than they've ever been,' expert says. Here are key changes for 2024
  + stars: | 2024-05-15 | by ( Jessica Dickler | ) www.cnbc.com   time to read: +3 min
Whether the funds are for college or vocational studies, she said, "529 plans are better now than they've ever been before and they're more flexible." "There are three pretty significant changes this year," said Vivian Tsai, senior director of education savings at TIAA and chair emeritus for the College Savings Foundation, a non-profit that provides public policy support for 529 plans. Financial experts and plan investors agree that 529 college savings plans are a smart choice for many. Tax deductions or credits for contributionsEven before recent changes, there were already many advantages to a 529 plan. A few states also offer additional benefits, such as scholarships or matching grants, to their residents if they invest in their home state's 529 plan.
Persons: Vivian Tsai, New Roth, beneficiary's Roth, Chris Lynch, they're, " Lynch Organizations: College Savings Foundation, Financial, Finance, CNBC, Federal
☆ The biggest downside to 529 plans is about to go away. Now they’re a ‘no-brainer,’ expert says
  + stars: | 2023-09-15 | by ( Jessica Dickler | ) www.cnbc.com   time to read: +2 min
watch nowThe benefits of a 529 planThese plans have been steadily gaining steam for a number of reasons. A few states also offer additional benefits, such as scholarships or matching grants, to their residents if they invest in their home state's 529 plan. And yet, total investments in 529s fell to $411 billion in 2022, down nearly 15% from $480 billion the year before, according to data from College Savings Plans Network, a network of state-administered college savings programs. Regular contributions to a 529 college savings plan took a back seat to paying more pressing bills or daily expenses. If your student wins a scholarship, you can typically withdraw up to the amount of the scholarship penalty-free.
Persons: Chris Lynch, Marshall Nelson, Lynch, they're Organizations: College Savings Plans Network, TIAA, Crewe Advisors
☆ 529 college savings plans took a hit last year: How to protect your money with more volatility ahead
  + stars: | 2023-05-29 | by ( Jessica Dickler | ) www.cnbc.com   time to read: +2 min
watch nowAdvantages of a 529 planOverall, there are many advantages to a 529 plan. A few states also offer additional benefits, such as scholarships or matching grants, to their residents if they invest in their home state's 529 plan. Further, you can now put some of the funds toward your student loan tab: up to $10,000 for each plan beneficiary, as well as another $10,000 for each of the beneficiary's siblings. And starting in 2024, savers can roll money from 529 plans over to Roth individual retirement accounts free of income tax or tax penalties. Still, the time horizon for college is much shorter compared with most retirement savings accounts, he added.
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