In today’s episode of The College Checklist Podcast, Kathryn Flynn, Content Director at SavingForCollege.com explains how 529 plans work and many of the advantages of using this method for families saving for college.
Listen Now: Saving for College with 529 Plans
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About Kathryn Flynn
- SavingForCollege.com Article on How Much your 529 Plan Tax Deduction is Worth
- The College Checklist Podcast, Episode 16: Creative Ways to Pay for College with Celest Horton
“The 529 plans are administered by the state, but you can usually invest in any state’s plan. You want to look at your own state’s plan first as it may give you a break on state taxes.”
“You can always make changes to the beneficiary of the 529 plan.”
“You can deposit as little as $25 a month with most plans.”
“A lot of plans allow for gift contributions.”
“The SavingForCollege.com web site can probably answer any questions you might have.”
Lightning Round Q&A
Q1: What’s your best piece of advice for families as they begin this journey?
A1: Start by setting a goal and look at all your savings options.
Q2: What is your favorite college admissions book, blog, or tool that no family should be without?
A2: Joe Hurley’s book The Best Way to Save for College: A Complete Guide to 529 Plans*
Q3: What should a family who is overwhelmed by the college admissions process focus on?
A3: Start by researching savings options and if you still need help consult with a financial planner.
Q4: What is your all-time favorite book?
A4. The Hunger Games series by Suzanne Collins*
*These links are affiliate links through Amazon. You will not pay extra; however, we do receive a small reimbursement if you purchase through our links. Thank you for your support of The College Checklist Podcast!
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