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Episode 3039:

Harry N. Stout explains the two types of 529 Plans, college savings plans and prepaid tuition plans, along with their benefits, potential drawbacks, and flexibility in case of changing circumstances. Understanding these plans can help families make informed financial decisions while balancing college savings with long-term financial security.

Read along with the original article(s) here: https://www.financialverse.com/post/savings-tax-breaks-for-middle-america-529-plans

Quotes to ponder:

"Funds in a 529 Plan grow federal tax-free and will not be taxed when the money is withdrawn for qualified education expenses."

"There are a myriad of situations that can arise in the future such as the death of a child, the receipt of full academic or athletic scholarships, or the receipt of employer educational assistance."

"Your child can take out a loan for school, you however cannot take out a loan for your retirement."

Episode references:

Saving for College: https://www.savingforcollege.com

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