How your unused funds for your 529 plans could fund your retirement
Find out how changes to 529 plans could fund your retirement here. Then, kick off your journey to financial independence by eliminating credit card debt with this free 7-Step Credit Card Debt Slasher.
Could your 529 plan be rolled over into your retirement?
You may know that a 529 is typically used to save for college. But did you know it can also be used to help fund your retirement? So, what is a 529 Education Savings Plan, exactly? And how can it be used as an investment vehicle to cover both educational expenses AND retirement? Paul Curley is Director at Savings Research, overseeing data, research, and events and is a thought leader on 529 plans and ABLE accounts for institutional clients.
On this episode of Queer Money®, Paul joins us to explain how 529 plans help families save for future educational expenses and why new legislation allows us to move money from a 529 to a Roth IRA. Paul shares the benefits of saving money in 529, discussing how it helps us tap into the power of compounding interest and why you might want to open one for your child, your niece or nephew, or yourself.
Listen in for Paul’s insight on the fees associated with maintaining a 529 and learn how to assess what a particular 529 savings plan can be used for before you use it to save for school and/or retirement!
Listen to get insight on how 529 plans could fund your retirement
Topics covered on how 529 plans could fund your retirement
- How 529 plans help families in the US save for future educational expenses
- How 529s were initially used to pay for college tuition but have expanded to cover other educational expenses
- How new legislation allows us to move money from a 529 to a Roth IRA
- The federal and state tax benefits of saving money in a 529 plan
- Paul’s insight on how 529s help us tap into the power of compounding interest
- Why you might want to start a 529 plan for yourself
- The current caps on how much you can contribute to a 529 plan and how much you can move from your 529 to a Roth IRA
- What fees are associated with opening and maintaining a 529 plan
- How Paul advises people to think about risk now that 529s have become lifelong accounts
- Hiring a financial advisor to grow your 529 vs. making your own decisions
- Why it’s crucial to read a 529’s plan disclosure agreement to understand what the funds cover (and what they don’t)
Connect with Paul
- 529 Conference
- Paul Curley BC on Twitter
- Paul Curley BC on Instagram
Resources on how 529 plans could fund your retirement
- IRS Code 529
- ABLE Accounts
- Consolidated Appropriations Act of 2023
- Financial Aid Simplification Act
- Savings.com Study on Funding Adult Children
- David Bach on Queer Money EP161
- CreditWise
Connect with David and John
- Debt Free Guys on Facebook
- Debt Free Guys on Twitter
- Debt Free Guys on Youtube
- Queer Money Facebook Group
- Queer Money on Instagram
- Subscribe on Apple Podcasts
- Email [email protected]
Watch this week’s episode on how 529 plans could fund your retirement
Previous 3 Podcast Episodes
- Does the LGBTQ+ Community Still Have Corporate Allies?
- The Easiest Way to Cancel Those Subscription Services
- X Social Security Payment Strategies
We’re David and John Auten-Schneider, the Debt Free Guys (www.debtfreeguys.com) and hosts of the Queer Money® podcast. We help queer people (and allies) live fabulously not fabulously broke by helping them 1) pay off credit card debt, 2) become part- or full-time entrepreneurs and 3) save and invest for retirement.