529 plan - must do?
Who is doing it and who's not? Would love to hear both sides. I understand the tax benefits but is torn because I can only use it for a limited purpose. My investments are currently mostly through Wealthfront.
Is it worth doing it if you don't have kids yet?
Yes, if you plan to use it in future on your higher studies. Any leftover can be transferred to your child by adding them as the beneficiary of the account.
I contribute to one, as an avenue to save SOME on taxes, but I don't expect to fund my kid's tuition entirely from 529 either.
At what point on the savings ladder should i start a 529? I have an emergency fund, maxing my 401(k), max Roth IRA, and max HSA. Is the mega rollover next and then 529 or 529 first?
Mega rollover first then 529 if u have money left
Plan 529 is eligible for tax saving ?
Yes, in a few states and only on state (not federal) taxes.
529 is post-tax but the gains in the account won't be taxed. There are a bunch of restrictions on how the money can be used, which doesn't make it very attractive unless you have 1)kids 2) if you have exhausted all other investment options
I do. Check out http://www.savingforcollege.com for plans and related details.