COLLEGE SAVINGS 101

What are the 3 biggest 529 plan myths? (Script)

03/17/2017

QUESTION:
What are the 3 biggest 529 plan myths?

Watch video.

ANSWER:
3 Biggest 529 Plan Myths
Myth #1
If you donít go to college youíll lose all your 529 plan money
Reality:
You can use the funds to pay for other post-secondary education, a sibling or future grandchildís college, or take a non-qualified withdrawal and pay income tax and a 10% penalty on the earnings portion only.

Myth #2
I have to use my home stateís plan
Reality:
You can use almost any stateís plan Ė no matter where you live.
Myth #3
Iím too rich (or too poor) for a 529 plan.
Reality:
You can start a 529 plan with a little as $25 and there are no income limits. So start saving today!

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