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LA START 529 vs other options
Posted on 5/1/19 at 2:27 pm
Posted on 5/1/19 at 2:27 pm
I've been reading up on 529s and feel fairly comfortable with the LA Start program, but just wanted to see some other opinions. It seems that there are several other states with good options (Utah, New York, Nevada). Can anyone give me some reasons why you may have chosen a different state's plan?
4
Posted on 5/1/19 at 6:20 pm to GeauxTigers2007
Between the solid vanguard options, match(depending on AGI) and tax deduction I don’t see how another states plan would make sense.
Posted on 5/1/19 at 8:20 pm to lighter345
That's how I see it myself. I'm essentially wanting to make sure that I'm not overlooking a plan that would offer much lower expense ratios or larger number of portfolios to invest with. But even then, would it be worth losing the match and tax deductions to go with another state's plan? Leaning towards no.
This post was edited on 5/1/19 at 8:21 pm
Posted on 5/1/19 at 8:26 pm to GeauxTigers2007
Actually just started one after this thread reminded me to. My son is only 6 months old and we have been contributing to a savings account through Barclays that we set up for him when he was born.
Posted on 5/2/19 at 7:47 am to GeauxTigers2007
It is crazy to think that for once Louisiana actually has created a sound financial program for its citizens. LA Start 529 is one of the top 529's in the country for the reasons listed above: options, match, and tax deductions.
Posted on 5/2/19 at 8:28 am to LSUDbrous90
quote:
It is crazy to think that for once Louisiana actually has created a sound financial program for its citizens.
What's crazy is that we believe it's a great idea when the state requisitions our income and then provides a small tax break to a select few.
Posted on 5/2/19 at 11:00 am to GeauxTigers2007
Put your money in your home state's plan to get the tax breaks. You can always transfer it to another state's plan if you like their options better.
Posted on 5/2/19 at 2:57 pm to LSUDbrous90
quote:
It is crazy to think that for once Louisiana actually has created a sound financial program for its citizens. LA Start 529 is one of the top 529's in the country for the reasons listed above: options, match, and tax deductions.
It is a great option to save for college, especially if you are poor.
•The State will match up to 14% of deposits each year with Earnings Enhancements
If you have a decent job and make any kind of real world wages, the state will only match 2-3%, nowhere near the 14% they like to advertise. It will save on your La taxes and it will grow due to investment interest. The 14% is only for extremely poor folks who cannot contribute any disposable income.
Posted on 5/5/19 at 1:17 pm to GeauxTigers2007
I kind of forgot about my kids 529 plans. Went check on this morning and they still had our old address. Updated the info and moved around their funds. 
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