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For those with 529 plans...how did you pick which state to go with?
Posted on 1/11/13 at 10:43 am
Posted on 1/11/13 at 10:43 am
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?
I know Vanguard has a plan in Nevada.
Just curious about comparing the various plans...where did you start?
6
Posted on 1/11/13 at 11:00 am to Chicken
You don't need to pick a state any more. Look at American Funds for example
Posted on 1/11/13 at 11:12 am to LSUnKaty
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.
Posted on 1/11/13 at 11:19 am to Chicken
Went with PA since I live here and the contributions are deductible off my state income tax. It is run by Vanguard (low fees).
Posted on 1/11/13 at 12:31 pm to PhillyTide
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.
Posted on 1/11/13 at 2:38 pm to Chicken
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.
Posted on 1/11/13 at 2:58 pm to LSUnKaty
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.
Posted on 1/11/13 at 4:48 pm to Chicken
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.
Posted on 1/11/13 at 6:12 pm to Chicken
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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