January 5, 2008
529 Account
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Once you have your retirement plan set in place, you can now start preparing for your children s future. An important decision to make is a Public or Private University for your child. If you feel confident you will be sending your child to Public University, verify if your state has a prepaid college savings plan. Your money will go much further, but your child must use the money for a state university. Be aware that many 529 plans are heavily promoted by brokerages and other financial institutions and can carry large and completely unnecessary sales charges. Go with a plan with no sales or other load charges. Typical annual fees for asset and account management combined should be 1% or less.
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