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If you have children, you may be familiar with the 529 savings plan.
This is how it works in a nutshell.
This is how it works in a nutshell.
- You pick a plan (sponsored by states)
- You contribute money
- You invest the money
- Your money grows tax-free
- You use the money to pay for qualified higher education expenses
- You don’t pay income on distributions if the money is spent on qualified higher education expenses
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It's fair to say that until recently, investors (and their advisors) were singularly focused on saving for retirement. Lately, however, the focus has shifted largely to how to make money last through retirement—a move from accumulation to decumulation.
