529s Just Got Better!

For all of you with kids, chances are when you hear 529 plan you know what's up. However, you might not be aware of changes made that enhance the value of the plan and level the playing field among the plethora of options available. The improvements passed this year by Congress (yes, the US Congress! Finally, something productive.) has improved the quality and value of investing in a 529 for junior's college future.

All the details can be found in an article from the August issue of Money Magazine details all the changes and provides an analysis of every states' plan along with a step-by-step process for choosing the plan best for you (and the little people in your life) along with how best to monitor the plan over time. Further the magazine provides recommendations on the best plans.

So parents, parents-to-be, and grandparents (Mom? Dad? Read up! Baby J needs you!), check out the article. Why? College costs in recent years are climbing at 6% - double that of inflation - making a four years a public school run about $125,000 in 2022. And that's just for tuition, room and board. Oh yeah, if your child gets into private school? Say goodbye to $300,000. Ouch!