It’s always nice to get good news. CollegeInvest 529 Reduces Feeds for Direct Portfolio According to a recent release from CollegeInvest CEO Angela Baier, the administrative fee for the CollegeInvest Direct Portfolio was reduced from 0.32% to 0.31% on August 1, 2021. That means more of those college savings dollars stay in your 529 account, …
To read financial advice magazines and websites, you might think that anyone who uses a financial advisor is either dumb, or very rich. These money publications all say that with a little research and education, everyone should be able to do all financial planning and investing themselves to achieve financial independence. In the real world, …
The 529 plan is a tax-advantaged college savings plan. Of course, like all plans that offer IRS sanctioned tax savings, there are rules and regulations regarding just how and when a 529 plan may be used. One of these limitations involves how much money you can contribute to a 529 plan in 2021. 529 contribution …
Have you opened that 529 plan account yet? A while back, while discussing whether or not you need a financial advisor, I talked about how just knowing what to do isn’t always enough. As an example, I pointed out that just knowing you need a 529 plan for your college savings account, doesn’t mean that …
How Are UTMA and UGMA Alike? UTMA and UGMA are very similar. Both are uniform code proposals adopted by the individual states. Like other uniform codes (the uniform building code is a common one, for example) these work by proposing a common framework for states to use in order to prevent a hard to use …
A 529 plan is a tax-advantaged account that allows saving and investing for college expenses. Before last year’s new tax law was passed, one got tax-deferred growth in the account, and tax-free withdrawals for qualified college expenses. Even better, there were very few 529 contribution limits on most plans. Now, the recent tax law has …
Welcome to 2017! Relax. Take a deep breath. There. Feel better? Good. Then let’s jump in. Finances Updated in 2017 With a new year, come some new numbers. There will be updates to the maximum 401k contributions, income limits for Roth IRAs, and others. Plus, there will be adjustments to the 2017 income tax brackets, …
Should I use my Roth IRA for college? As a former financial planner, I would often get these questions from clients who read something somewhere. Much like patients asking doctors about drugs they heard about on TV, such questions rarely ended up being a good idea. Still, it is possible to use a Roth IRA …
Here comes the end of 2015, are you ready? Are your finances and investments ready? On the one hand, the end of the year means absolutely nothing to your money. Those twenties in your wallet don’t care what year it is, and your bank accounts don’t either. The stock market goes up and down before …
Money Investing and Personal Finance End of Year Read More »
OK, if you have already opened a 529 plan, and you have chosen which investments to use in your 529 plan, then the next step is to actually start getting money into your college savings account. And, it is here where the most important thing about saving money for college comes into play. The most …