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Robert A. Imparato, Jr CFP®
CERTIFIED FINANCIAL PLANNER™ professional
Craig A. Hyldahl CFP®
CERTIFIED FINANCIAL PLANNER™ professional
R.I.C.H. Planning Group, LLC
105 Fieldcrest Avenue, Suite #507
Edison, NJ 08837
Robert: 732-326-5240
Craig: 732-326-5240
Fax: 732-326-5331
Robert: robert@richplanninggroup.com
Craig: craig@richplanninggroup.com
Website: www.richplanninggroup.com
September/October 2021
Make the Most of a 529 Plan
A 529 plan* is a tax-advantaged savings plan that enables parents and others to save for a child’s future education costs. Section 529 plans, also called “qualified tuition plans,” are sponsored by states, state agencies or educational institutions. All fifty states and the District of Columbia sponsor at least one type of plan.
Choosing a 529 Plan
Education Savings Plans help you to save for a child’s future qualified higher education expenses including tuition, mandatory fees, room and board, books, equipment and other expenses. Withdrawals from education savings plan accounts can generally be used at any college or university.Prepaid Tuition Plans let savers purchase units or credits at participating colleges and universities (usually public and in-state) at the school’s current prices to pay future tuition and mandatory fees.
Contributions to a 529 plan are made with after-tax dollars. However, earnings in a 529 account are not subject to federal income tax and, in many cases, state income tax, if withdrawals are used to pay qualified higher education expenses.
Tips and Guidelines
Compare several different 529 plans before you choose one. Review the fees and expenses of the plan you’re considering because they can lower your returns. Set up direct payments from the plan to the school to avoid withdrawing too much.*Certain requirements may apply. Before investing, conssider the investment objectives, risks, charges and expenses associated with 529 plans. Read the program offering statement before investing. 529 Plans are not guaranteed by any state or federal agency. Consider whether the investor's or beneficiary's home state offers any state or other benefits available only from that state's 529 Plan. Discuss 529 tax rules with your tax professional.
GE-3588398(5/21)(Exp.5/23)
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Securities offered through Equitable Advisors, LLC (NY,NY (212) 314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN). Investment advisory products and services offered through Equitable Advisors, LLC, an SEC-registered investment advisor. Annuity and insurance products offered through Equitable Network, LLC, which conducts business in California as Equitable Network Insurance Agency of California, LLC; in Utah as Equitable Network Insurance Agency of Utah, LLC; and in PR as Equitable Network of Puerto Rico, Inc. Equitable Advisors and Equitable Network are affiliated companies and do not provide tax or legal advice.
R.I.C.H. Planning Group, LLC is not owned or operated by Equitable Advisors or Equitable Network. Equitable Advisors and Equitable Network are brand names for Equitable Advisors, LLC and Equitable Network, LLC, respectively.
GE-4833845.1 (7/22)(Exp. 7/24)
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These marks are awarded to individuals who successfully complete the CFP Board's initial and ongoing certification requirements.
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