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What 529s are you using?
Posted on 2/8/23 at 12:24 am
Posted on 2/8/23 at 12:24 am
I'm at a place where I can start pitching in for my kiddos (10+ years out for both). I spent several hours today pulling together a list of the 90+ state-offered 529s and prepaid plans (advisor and direct). I'm in TX with no state income tax so I'm not hamstrung and I'm looking at other states.
Alaska529 is getting high marks everywhere I look, low fees, and they offer a little matching for new and continuing owners (even if you're not an Alaska resident) under the right circumstances. They're probably my frontrunner right now.
I hear good things about the 529s in Utah and NY. Ohio and NH too. EdVest in my native Wisconsin appears to be getting better each year.
That said I freely admit I don't know shite about how these investments work. I understand that the selection of options is generally very limited for 529s so I'm up for any suggestions on what to watch for.
Any advice would be appreciated.
Edit: I should specify that I built my list primarily using savingforcollege.com's compare tool, painstakingly extracting all of the plan data that way (only two plans at a time) and then adding a few other pieces. I could try to make it shareable on Google Docs or something if there's enough interest.
Alaska529 is getting high marks everywhere I look, low fees, and they offer a little matching for new and continuing owners (even if you're not an Alaska resident) under the right circumstances. They're probably my frontrunner right now.
I hear good things about the 529s in Utah and NY. Ohio and NH too. EdVest in my native Wisconsin appears to be getting better each year.
That said I freely admit I don't know shite about how these investments work. I understand that the selection of options is generally very limited for 529s so I'm up for any suggestions on what to watch for.
Any advice would be appreciated.
Edit: I should specify that I built my list primarily using savingforcollege.com's compare tool, painstakingly extracting all of the plan data that way (only two plans at a time) and then adding a few other pieces. I could try to make it shareable on Google Docs or something if there's enough interest.
This post was edited on 2/8/23 at 10:44 am
10
Posted on 2/8/23 at 4:42 am to messyjesse
I have one in Utah. That’s about all I got though old FA talked me into it.
Posted on 2/8/23 at 5:08 am to messyjesse
All 3 of mine are in the NY one. We started my oldest (24 now) in Ohio because it had a great high yield bond fund since we started hers late. Unfortunately she isn't in school, so we converted it to NY and will use it for the other two kids (12 & 9) eventually. We are in Texas and they don't give you any special incentives. NY has really low fees and good options to pick. You can make changes once per year and move out to another one in the same time frame. Although they make it a pain in the arse when I did it, you had to mail signed paperwork in to get it done. I'm not sure if they've made it all electronic yet.
Posted on 2/8/23 at 5:20 am to messyjesse
Our Family uses Upromise.
We have 8 529s through them and they have been great.
We have 8 529s through them and they have been great.
Posted on 2/8/23 at 7:26 am to Helo
quote:
Our Family uses Upromise.
We have 8 529s through them and they have been great.
years ago i got a UPromise CC and whose rewards helped pay down my student loans. now that same card's rewards go directly into my kids 529
I use the LA Start 529. after filling taxes each year, the state matches 2/4/6% depending on income level plus i get to deduct from state taxes
Posted on 2/8/23 at 7:51 am to theone
quote:
I have one in Utah
Utah is who I have used for almost twenty years. However, they pissed me off a couple of years ago when they switched away from Vanguard funds for their own Units. They also dropped Quicken access at the same time. Makes keeping track much more laborious.
Posted on 2/8/23 at 8:18 am to tigeraddict
quote:
Our Family uses Upromise.
We have 8 529s through them and they have been great.
years ago i got a UPromise CC and whose rewards helped pay down my student loans. now that same card's rewards go directly into my kids 529
The Upromise is intriguing. Do you know what the credit limit was?
quote:
I use the LA Start 529. after filling taxes each year, the state matches 2/4/6% depending on income level plus i get to deduct from state taxes
This was one of the benefits I saw and it looked great. I do believe it's restricted to LA residents so I wouldn't get any use out of it, but someone else on this board might.
Posted on 2/8/23 at 8:49 am to messyjesse
quote:
Alaska529 is getting high marks everywhere I look, low fees, and they offer a little matching for new and continuing owners (even if you're not an Alaska resident) under the right circumstances. They're probably my frontrunner right now.
That's the one I have
Posted on 2/8/23 at 8:56 am to messyjesse
I use the Louisiana 529 because it’s a deduction on state income tax and gives a 2% match for my income level. It also offers Vanguard funds, which is what I’m invested in. I’m sure if I did a lot of research there may be better plans but it seems the easiest to stick with the one in my state.
Posted on 2/8/23 at 10:28 am to messyjesse
For all the things Louisiana ranks 49 nationwide (edging ahead of Mississippi at 50), 529 plan is not one of them. Believe it or not, Louisiana's 529 (Start savings program) is one of the best in the country, especially for LA residents.
ETA: sorry, missed the fact that you're in TX. Still, LA's plan is worth a look.
ETA: sorry, missed the fact that you're in TX. Still, LA's plan is worth a look.
This post was edited on 2/8/23 at 10:32 am
Posted on 2/8/23 at 10:31 am to LSUSUPERSTAR
I also use NY and am happy with it. When my oldest was born theirs was ranked best by Forbes so I chose it then.
Good and intuitive website. Good funds.
Good and intuitive website. Good funds.
Posted on 2/8/23 at 10:40 am to Sir Saint
quote:
ETA: sorry, missed the fact that you're in TX. Still, LA's plan is worth a look.
No worries, it's a very good plan on the surface and there are virtually no fees anywhere. Anyone else reading this and thinking about 529s would be wise to check it out, especially if they live in LA.
Posted on 2/8/23 at 11:37 am to messyjesse
My husband used Iowa when his girls were growing up, but that was in the infancy of 529 plans. Still have some money in those. We opened up LA Start plans for the grandkids since we are LA residents.
Posted on 2/8/23 at 4:57 pm to messyjesse
NH and LA Start
Posted on 2/8/23 at 7:26 pm to messyjesse
Started one last year after my little girl was born. It’s in New Hampshire as that was recommended by Fidelity and my state does not offer any tax incentives.
Posted on 2/8/23 at 7:27 pm to messyjesse
We do CO’s 529 through Vanguard with state tax advantages for CO residents.
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