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Investing in Education: Doing More with 529's

Investing in Education: Doing More with 529's

Did you know you can use a 529 plan for K-12 education as well? Kelly Soller, SVP and Managing Director at Fifth Third Private Bank, shares key financial wellness insights on making the most of a 529 plan (aka college savings plans).

Listen to the full episode here, or anywhere you get your podcasts. Watch the interview below:

According to Bankrate, "American families are missing an estimated benefit of $237 billion for future educational savings because they’re not using 529 college savings plans effectively, according to an October 2018 report from Morningstar."

Translation: $76 billion in lost tax benefits and $161 billion from unrealized investment gains (about $4,000 per student for the average family).

Peter Mansfield, chief marketing officer of U-Nest, a mobile app that allows savers to set up 529 accounts states that "seventy percent of people are unaware that 529 college savings plans exist. Only 14 percent of families are actually using one."  

Learn more about 529 plans and connect with a wealth advisor at Fifth Third Private Bank!  Check out Of Note, a wealth network for women by women.  

 

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