Back and better than ever: The 529
- Author
- Greenway Wealth Advisors, LLC
- Published
- Mon 25 Sep 2023
- Episode Link
- https://www.greenwaywealth.com/
Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them.
Meet the voices behind this episode of Making Margin:
Since its inception, the 529 has been a popular education savings vehicle. Over the years, it has received a few enhancements, but none better than the most recent one thanks to the Secure Act 2.0. We’ll talk about the 529, the changes, and how it might fit into a financial plan.
In 1996, U.S. Senator Bob Graham of Florida, where a prepaid plan was well established, and U.S. Senator Mitch McConnell of Kentucky, which had a savings trust, led a bipartisan effort to provide federal tax relief for all plans, resulting in the creation of Section 529 of the Internal Revenue Code (IRC).
Questions
- What have been the changes to 529 plans, previously and in 2023?
- How should a plan most appropriately be utilized? Who does it make sense for?
Resources:
