The 401(k) of College Savings: 529 Plan Must-Knows

The 401(k) of College Savings: 529 Plan Must-Knows

401(k) plans for retirement and 529 plans for college savings share some broad characteristics: Put money in today, get a tax deduction, and allow funds to grow tax-deferred for a specified purpose in the future. Equipping yourself with this knowledge allows you to fund your children's college education without stress, even if it's a funding goal situated many years in the future. Here, we'll explore a few unique attributes of 529 plans.