Money Talk: 529 Plans Are Among the Best Savings Vehicles

Question: I recently gave birth to a little boy. I am wondering about the best savings vehicle that would offer flexibility for when family gives him money. I don’t want to tie it up in a 529 college savings plan in case he doesn’t want to go to college or has other needs. Answer: If you want your child to have a reasonable shot at a middle-class lifestyle in the future, some kind of post-secondary education will be necessary. It may...

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Money Talk: 529 Plans Really Can Come in Handy

Question: You recently mentioned in your column that you can’t use any of the three education tax breaks — the American Opportunity Credit, the Lifetime Learning Credit or the tuition and fees deduction — for expenses paid with 529 college savings plan money. This has me wondering if those 529 plans are really worth it. Wouldn’t you have to have a really large amount invested to have enough earnings to make it worth not taking one of...

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