009 - The 411 on the 529 Plan

Reach Me Here: KT Thomas In this episode, KT and Tammy discuss: Misinformation about 529 plansWho's best suited for a 529 plan?The downsides to doing this planWhat Tammy recommends  Key Takeaways: You don't pay on the interest earnedAs long as you use it for college, it's completely tax freeIf you don't use the funds for education, there's a 10% penalty (which is completely taxable)Ask yourself, "what are your long term financial goals?" Does a 529 plan fit those needs?  "529 Plans are great vehicles for people to save for their child's education, their grandchild's or even their own." - Tammy Simmons, CFP   Connect with Tammy Simmons, CFP: Website: www.newdaysolutions.com Email: tammy@newdailysolutions.com Phone: 800-834-2101 Learn more about your ad choices. Visit megaphone.fm/adchoices