The 529 Plan is a tax-advantaged savings plan designed to encourage saving for future education costs. The beneficiary of the plan is the individual designated to use the funds for educational expenses. This plan is an excellent way to secure the educational future of a child or any designated individual. However, there can be instances […] The post How to Change the Beneficiary of Your 529 Plan appeared first on SmartReads by SmartAsset.
Parents can now convert their child’s favorite college savings tool into a retirement savings tool. The question many people are asking is “How do you do it?”
Changes that started with federal legislation passed in 2022 are now in effect for those with 529 education savings accounts. Now, besides putting aside funds for school expenses, account owners can jumpstart their retirement savings. Starting Jan. 1, account owners are now able to roll over unused funds to Roth IRA accounts. It’s an important […]