Ever pick on something that was so easy to make fun of that it makes you feel a little bit guilty? Yep, me too. And that's exactly how I feel about the 529 plan.
It's bad in so many different ways that this probably could have been an hour long episode (or more).
Think about it…who doesn't want to sock away a boatload of money into a plan that pays for your children's educational expenses only to find out that you can't really use it to pay for all of their educational expenses.
And if they don't use it for one reason or another, it's all tied up with strings that make it less than easy to get your money back out.
I'm not sure about you but I know that when it comes to my children and paying for things, I'm a big fan of flexibility. That's worth more to me than a $500 deduction from my state income taxes (generalization depending on where you live).
At any rate, if you're interested in what 529 plans have to offer or the lack thereof, listen to the episode.
And if you'd rather use life insurance to save for your children or grandchildren, feel free to reach out to us. We're happy to help.