What are they?
529 plans let you save for your child's college education without incurring federal tax. 529 savings plan let you choose from a wide array of mutual funds and other investment vehicles. 529 pre-paid tuition plans allow you to buy tuition credits for tomorrow's college classes at today's prices.
When should I start?
College is expensive, and saving money in a 529 plan can help you pay for it—and help you minimize or avoid student loans in the future. If you think you might need to tap into your 529 savings for anything other than higher education, however, know that heavy penalties apply to "unqualified" distributions.
3% of Americans save for college using 529
10% of 529 plans belong to families earning less than $50,000 a year
$20,000 average value of a 529 account in 2015
$175 average monthly investment
$25 minimum initial investment for many 529 savings plans
Source: Washington Post
"Minutes. That's all it took to protect my husband and two children from a lifetime of unnecessary struggle. Thanks, FamilyWise."
- Elise, 28 years old, created a will in minutes