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August 8, 2023

Maximizing Your 529: The Power of Tax-Free Education Savings (Ep. 11)


Did you know that the average cost of college in the United States is a staggering $35,551 per student per year, including books, supplies, and daily living expenses? 

That’s a hefty price tag that can leave many parents and students feeling overwhelmed.

In this episode, Jim Kruzan, CFP®, CRPC®, explores the world of 529 plans and how they can help fund your child’s education while prioritizing your retirement savings. Jim shares how these plans offer flexibility, with options for prepaid tuition or college savings, and can be used for various educational expenses. Additionally, Jim explains how these plans are portable, allowing funds to be transferred between family members.

Jim discusses: 

  • What a 529 plan is 
  • The limitations and drawbacks of a prepaid tuition plan
  • The tax advantages and investment options of a college savings plan
  • The expenses that can be covered by 529 plans
  • How 529 accounts can be moved between beneficiaries
  • The advantages of the new legislation allowing the transfer of funds from a 529 account to a Roth IRA after 15 years
  • And more!

Resources:

Connect with Jim Kruzan: 

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