529 plans beat taxable savings
Contributions grow tax-free; withdrawals for qualified education expenses (tuition, room, board, books) are tax-free. Most states also offer a state income tax deduction.
529 plan calculator
Project 529 balance at age 18 from monthly contributions and expected return.
Results
Balance at 18
$90,524.76
Contributions
$52,400.00
Growth
$38,124.76
Years to goal
14 yrs
Frequently asked questions
1.What if they don't go to college?
You can change the beneficiary to another family member, use up to $10k/yr for K–12 tuition, or roll up to $35k into a Roth IRA (2024+ rule).
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