For those with 529 plans...how did you pick which state to go with? | TigerDroppings.com
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Chicken
USA Fan
Jackassistan
Member since Aug 2003
8834 posts

For those with 529 plans...how did you pick which state to go with?

I have a relative that has a West Virginia 529 plan, and one that has Virginia 529 plan. They did a lot of research and each settled on those choices.

I know Vanguard has a plan in Nevada.

Just curious about comparing the various plans...where did you start?


Catman88
LSU Fan
Baton Rouge, LA
Member since Dec 2004
41376 posts

re: For those with 529 plans...how did you pick which state to go with?
There was a link I put on here a week or so ago that had a grid that compared all states.. Let me look.

Here is the comparison tool

LINK

This post was edited on 1/11 at 10:48 am


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LSUnKaty
LSU Fan
Katy, TX
Member since Dec 2008
3896 posts

re: For those with 529 plans...how did you pick which state to go with?
You don't need to pick a state any more. Look at American Funds for example


guttata
LSU Fan
prairieville
Member since Feb 2006
20383 posts
Online

re: For those with 529 plans...how did you pick which state to go with?
Got a copy of Money Magazine and they went through every state's 529 plan and based on their recommendation, I ended up going with Louisiana's. That was 12 years ago and I no longer am willing to do the necessary homework to determine if I could be saving/ making a couple bucks extra by changing now.


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PhillyTide
Alabama Fan
The One Who Knocks
Member since Oct 2011
226 posts

re: For those with 529 plans...how did you pick which state to go with?
Went with PA since I live here and the contributions are deductible off my state income tax. It is run by Vanguard (low fees).


Janky
LSU Fan
Team Primo
Member since Jun 2011
10924 posts

re: For those with 529 plans...how did you pick which state to go with?
LA uses vanguard and there are tax breaks as long as matching. Generally the advisor finds the state that uses the fund family they prefer and go wth that one. For example, the VA plan is American funds.


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ForeLSU
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The Corner of Sanity and Madness
Member since Sep 2003
35474 posts
Online

re: For those with 529 plans...how did you pick which state to go with?
quote:

For those with 529 plans...how did you pick which state to go with?


My wife did most of the work, for some reason we ended up with Kansas though Schwab.


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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
58940 posts

re: For those with 529 plans...how did you pick which state to go with?
quote:

You don't need to pick a state any more. Look at American Funds for example


Well the 529 is tied to a particular state. I'm a Financial Planner and I have the American Funds College Advantage plan for my kids.


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ragacamps
LSU Fan
Member since Jan 2011
2585 posts

re: For those with 529 plans...how did you pick which state to go with?
I chose the Utah plan. I was in Minnesota when my daughter was born and the Utah plan had no minimum to open plus almost non existent fees. Now that I am back in Louisiana we will be putting more money into the account and because of the matching and tax deductions aspect for Louisiana residents of the start program we will be rolling ours over. You are allowed to roll a 529 over into any states plan once a year.


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LSUSUPERSTAR
LSU Fan
TX
Member since Jan 2005
10686 posts

re: For those with 529 plans...how did you pick which state to go with?
We live in Texas and their 529 plan had no benefit for us. I have two daughters, 14 and 2, so we went with two different states' plans. We started by looking at the highest rated ones from Kiplinger, Morningstar, and some others. Narrowed it down by looking at performance. We also got a free few days on Morningstar that helped us look at specific funds. We went with New York for the 2yr old based on low fees and great performance. We went with Ohio for the 14 yr old based on a great performing bond fund and fairly low fees. The only thing I don't like about Ohio is the way it works to do auto contribution each month. It does it based on dollars into specific funds versus percentage wise across the whole account. I'll try to take a screenshot when I get home of the data that I compiled and post it.


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