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

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Chicken
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Jackassistan
Member since Aug 2003
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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?







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Catman88
LSU Fan
Baton Rouge, LA
Member since Dec 2004
39357 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
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Katy, TX
Member since Dec 2008
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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





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guttata
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prairieville
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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
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The One Who Knocks
Member since Oct 2011
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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).





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Janky
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Team Primo
Member since Jun 2011
7619 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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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
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AKA Buttercup
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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
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Member since Jan 2011
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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
USA Fan
Arlington, TX
Member since Jan 2005
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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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