529 College Savings Plan
- Pros and Cons
Let us look at what advantages the 529 College savings plan comes with, and how it can help you better make the enormous investment involved with college education. It shows itself to be better than even gold mutual funds as a means of saving up for your son ot daughters college.
1) The most noticeable fact about the 529 college savings plan is that you have a lot of choice. You can either chose either a savings, or a prepaid plan. Most states make allowances for both plans.
2) There are state as well as private sponsored plan. There are gold mutual funds, insurance firms, banks and individual colleges themselves have such plans and programs. Not to say that these are not governed by the section 529 of the IRC and its underlying laws. There are plans that can be carried along with the savings scheme itself.
3) Another aspect that most parents will appreciate about the 529 college savings plan is that the person doing the savings will have sole authority over the money. This will be preferable to other plans made previously that deposited the whole amount into the bank account of the beneficiary.
Gold mutual funds
are considered profitable, but the 529 savings plan will help prevent misuse.
4) The tax exemptions gained is also an incentive.
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