How to Open a 529 Plan: The Complete Step-by-Step Guide

A 529 savings plan gives you an easy and affordable way to save for college. However, many people do not know how to develop or contribute to a 529 plan to prevent them from maximizing this tax-privileged investment vehicle.

529 plans offer many benefits, including tax-free growth and withdrawals for qualified expenses. But they also have their disadvantages, such as the imposition of a penalty for not dropping out of school.

The good news is that they are accessible to …

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