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How 6 experts manage their kids’ 529 plans
Name and title: Ed Christiansen, a financial adviser with Merrill Lynch in Walnut Creek, Calif.
Children: Trevor, 15; Kendall, 11; and Cameron, 8
529 Plan: NextGen College Investing Plan - Client Select Series, Maine
Contributions: After setting all three plans up about eight years ago, Christiansen continues to contribute to each monthly.
Rationale: Christiansen acknowledges he's biased toward his employer's plan, but he adds that he's appreciative of the plan's accessibility, the ease of automatic transfers, and the ability to get real-time information on investment performance.
Speaking from experience: Remember to monitor your investments -- even if you've chosen an age-based plan. "A lot of folks put a hundred or two hundred dollars into a plan, and they forget about it, just like a 401(k) -- we're all guilty of it at times," he says. "But you need to know what your goals are and to make sure you're hitting them."
Name and title: Joe Orsolini, CFP, and president of College Aid Planners in Glen Ellyn, Ill.
Children: Steve, 5, and Matt, 3
529 Plan: Bright Directions College Savings Program, Illinois
Contributions: Orsolini has contributed $100 monthly to each fund since his kids were born; he kicks in a bit extra for his sons' birthdays and Christmas to give each an even $2,000 each year.
Rationale: With Illinois' generous tax deduction, Orsolini decided to stay in-state with his 529 plan. The multi-manager plan provides more flexibility to choose from among the best managers in the business, from global investments to bonds.
Speaking from experience: Recognize that bigger isn't always better -- sometimes just getting started with a 529 plan is better than delaying or not getting started at all. "My philosophy is that children start out small -- and so can their college funds," he says. "The easiest thing to do is start small and use dollar-cost averaging through an automatic investment plan. As your annual salary gets bigger, you can start to put in more money."
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